Zacks Investment Research upgraded shares of Taubman Centers (NYSE:TCO) from a sell rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Shares of Taubman Centers have underperformed the industry it belongs to over the past six months. Moreover, the trend in estimate revisions of current-year funds from operations (FFO) per share does not indicate a decent outlook for the company. Notably, the company’s solid retail real estate portfolio, high-quality retailers in its tenant roster and diligent restructuring measures are likely to support its long-term growth. Focus on implementing cost-saving initiatives also augurs well. However, its performance in the near term is anticipated to be adversely affected by the choppy retail real estate environment. In fact, declining mall traffic, bankruptcies and store closures have emerged as pressing concerns for retail REITs, including Taubman Centers. Also, hike in interest rates and unfavorable foreign currency movements increase its risks.”
TCO has been the subject of a number of other reports. Jefferies Financial Group reiterated a hold rating and issued a $63.00 target price on shares of Taubman Centers in a report on Wednesday. ValuEngine upgraded Taubman Centers from a strong sell rating to a sell rating in a report on Friday, June 1st. Morgan Stanley decreased their price objective on Taubman Centers from $56.00 to $51.50 and set an underweight rating for the company in a report on Thursday, June 14th. Citigroup boosted their price objective on Taubman Centers from $61.00 to $66.00 and gave the company a neutral rating in a report on Thursday, August 9th. Finally, Bank of America boosted their price objective on Taubman Centers from $60.00 to $66.00 and gave the company a neutral rating in a report on Monday, August 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $61.44.
TCO stock traded down $0.41 during mid-day trading on Thursday, reaching $63.46. The company’s stock had a trading volume of 1,908 shares, compared to its average volume of 399,301. The company has a market cap of $3.89 billion, a P/E ratio of 17.16, a PEG ratio of 4.38 and a beta of 0.52. The company has a debt-to-equity ratio of -18.16, a quick ratio of 0.39 and a current ratio of 0.39. Taubman Centers has a 12 month low of $44.78 and a 12 month high of $66.61.
Taubman Centers (NYSE:TCO) last issued its earnings results on Monday, July 30th. The real estate investment trust reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.03. The business had revenue of $152.76 million during the quarter, compared to the consensus estimate of $151.94 million. Taubman Centers had a negative return on equity of 41.96% and a net margin of 11.95%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share. research analysts predict that Taubman Centers will post 3.79 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its holdings in shares of Taubman Centers by 13.2% during the first quarter. Daiwa Securities Group Inc. now owns 7,700 shares of the real estate investment trust’s stock valued at $438,000 after acquiring an additional 900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Taubman Centers by 4.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,505 shares of the real estate investment trust’s stock valued at $1,508,000 after acquiring an additional 1,032 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Taubman Centers by 12.8% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 9,813 shares of the real estate investment trust’s stock valued at $558,000 after acquiring an additional 1,113 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Taubman Centers by 2.8% during the second quarter. Arizona State Retirement System now owns 42,345 shares of the real estate investment trust’s stock valued at $2,488,000 after acquiring an additional 1,145 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of Taubman Centers by 17.1% during the first quarter. Hsbc Holdings PLC now owns 8,191 shares of the real estate investment trust’s stock valued at $466,000 after buying an additional 1,197 shares during the last quarter.
Taubman Centers Company Profile
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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