Taubman Centers, Inc. (NYSE:TCO) has been assigned a consensus rating of “Hold” from the sixteen brokerages that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $60.80.
A number of research analysts have recently weighed in on the company. Zacks Investment Research lowered Taubman Centers from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. Citigroup cut their price objective on Taubman Centers from $66.00 to $57.00 and set a “hold” rating on the stock in a report on Wednesday, November 21st. ValuEngine downgraded Taubman Centers from a “hold” rating to a “sell” rating in a research note on Friday, November 2nd. BMO Capital Markets restated a “hold” rating and issued a $62.00 target price on shares of Taubman Centers in a research note on Monday, October 29th. Finally, Scotiabank began coverage on Taubman Centers in a research report on Tuesday, October 16th. They set an “underperform” rating on the stock.
Shares of TCO stock traded down $0.65 during mid-day trading on Friday, reaching $50.00. The stock had a trading volume of 9,634 shares, compared to its average volume of 400,417. The firm has a market capitalization of $3.09 billion, a PE ratio of 13.69, a P/E/G ratio of 5.06 and a beta of 0.75. Taubman Centers has a 1-year low of $43.44 and a 1-year high of $65.50.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.52). The firm had revenue of $159.12 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. On average, equities analysts expect that Taubman Centers will post 3.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 31st. Shareholders of record on Monday, December 17th were given a dividend of $0.655 per share. The ex-dividend date of this dividend was Friday, December 14th. This represents a $2.62 dividend on an annualized basis and a yield of 5.24%. Taubman Centers’s dividend payout ratio is currently 70.81%.
In other news, Director Jonathan Litt bought 1,000 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average price of $55.21 per share, for a total transaction of $55,210.00. Following the completion of the transaction, the director now directly owns 2,653 shares in the company, valued at approximately $146,472.13. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have acquired 2,250 shares of company stock worth $122,363 in the last quarter. 31.20% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TCO. First Hawaiian Bank lifted its position in shares of Taubman Centers by 147.2% in the fourth quarter. First Hawaiian Bank now owns 1,137 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 677 shares in the last quarter. Commonwealth Bank of Australia purchased a new position in shares of Taubman Centers in the third quarter valued at approximately $179,000. Klingenstein Fields & Co. LLC purchased a new position in shares of Taubman Centers in the third quarter valued at approximately $216,000. Oakbrook Investments LLC purchased a new position in shares of Taubman Centers in the third quarter valued at approximately $243,000. Finally, Advisors Asset Management Inc. purchased a new position in shares of Taubman Centers in the third quarter valued at approximately $244,000.
About Taubman Centers
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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