Texas Permanent School Fund trimmed its position in Taubman Centers, Inc. (NYSE:TCO) by 2.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,377 shares of the real estate investment trust’s stock after selling 988 shares during the quarter. Texas Permanent School Fund owned 0.06% of Taubman Centers worth $2,296,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Heitman Real Estate Securities LLC increased its stake in shares of Taubman Centers by 55.4% in the second quarter. Heitman Real Estate Securities LLC now owns 352,066 shares of the real estate investment trust’s stock worth $23,690,000 after buying an additional 125,580 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Taubman Centers in the second quarter worth $3,955,000. Metropolitan Life Insurance Co. NY increased its stake in shares of Taubman Centers by 7.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 23,890 shares of the real estate investment trust’s stock worth $1,404,000 after buying an additional 1,753 shares during the period. Security Capital Research & Management Inc. increased its stake in shares of Taubman Centers by 85.3% in the second quarter. Security Capital Research & Management Inc. now owns 455,501 shares of the real estate investment trust’s stock worth $26,765,000 after buying an additional 209,725 shares during the period. Finally, Paloma Partners Management Co purchased a new position in shares of Taubman Centers in the second quarter worth $517,000.
Shares of Taubman Centers stock opened at $54.49 on Tuesday. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 3.66 and a beta of 0.64. Taubman Centers, Inc. has a 12-month low of $46.11 and a 12-month high of $66.61.
Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.52). The company had revenue of $159.12 million for the quarter, compared to analysts’ expectations of $159.68 million. Taubman Centers had a net margin of 14.42% and a negative return on equity of 45.76%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 earnings per share. As a group, equities research analysts predict that Taubman Centers, Inc. will post 3.8 earnings per share for the current year.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of Taubman Centers from a “sell” rating to a “hold” rating in a research note on Thursday, September 6th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $63.00 target price on shares of Taubman Centers in a research note on Wednesday, September 5th. Citigroup lifted their target price on shares of Taubman Centers from $61.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, August 9th. Evercore ISI downgraded shares of Taubman Centers from an “in-line” rating to an “underperform” rating and set a $63.00 target price on the stock. in a research note on Monday, September 10th. They noted that the move was a valuation call. Finally, Bank of America boosted their price objective on shares of Taubman Centers from $60.00 to $66.00 and gave the company a “neutral” rating in a research report on Monday, August 13th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $62.31.
In related news, Director Jonathan Litt acquired 1,000 shares of Taubman Centers stock in a transaction on Thursday, November 1st. The shares were acquired at an average cost of $55.21 per share, with a total value of $55,210.00. Following the transaction, the director now owns 2,653 shares in the company, valued at $146,472.13. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 31.20% of the stock is currently owned by insiders.
Taubman Centers 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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