Taubman Centers (NYSE:TCO) announced its quarterly earnings results on Thursday. The real estate investment trust reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.73), Fidelity Earnings reports. The firm had revenue of $161.60 million during the quarter, compared to analyst estimates of $162.17 million. Taubman Centers had a net margin of 11.23% and a negative return on equity of 24.45%. The business’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 earnings per share. Taubman Centers updated its FY 2019 guidance to $3.64-3.74 EPS and its FY19 guidance to $3.64-$3.74 EPS.
NYSE TCO traded down $0.89 during trading hours on Friday, reaching $39.87. 566,924 shares of the company’s stock were exchanged, compared to its average volume of 431,302. The business’s 50-day moving average price is $41.57. Taubman Centers has a one year low of $39.16 and a one year high of $65.50. The firm has a market capitalization of $2.52 billion, a P/E ratio of 10.41, a price-to-earnings-growth ratio of 2.83 and a beta of 0.72.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.675 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $2.70 dividend on an annualized basis and a yield of 6.77%. Taubman Centers’s payout ratio is 70.50%.
A number of brokerages recently weighed in on TCO. Zacks Investment Research downgraded shares of HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Citigroup reiterated a “buy” rating on shares of Healthequity in a research report on Friday, June 28th. ValuEngine upgraded shares of Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd. Morgan Stanley reiterated an “overweight” rating on shares of in a research report on Thursday, June 20th. Finally, Deutsche Bank set a $60.00 price target on shares of Taubman Centers and gave the company a “hold” rating in a research report on Tuesday, June 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $57.18.
In other Taubman Centers news, Director Mayree C. Clark bought 3,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average cost of $51.94 per share, with a total value of $155,820.00. Following the purchase, the director now owns 6,478 shares in the company, valued at $336,467.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.00% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Duff & Phelps Investment Management Co. increased its stake in Taubman Centers by 4,092.7% during the 1st quarter. Duff & Phelps Investment Management Co. now owns 473,776 shares of the real estate investment trust’s stock worth $25,053,000 after purchasing an additional 462,476 shares in the last quarter. RB Capital Management LLC bought a new stake in Taubman Centers during the 1st quarter worth approximately $213,000. Malaga Cove Capital LLC increased its stake in Taubman Centers by 1.4% during the 1st quarter. Malaga Cove Capital LLC now owns 32,797 shares of the real estate investment trust’s stock worth $1,734,000 after purchasing an additional 445 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Taubman Centers by 0.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 77,633 shares of the real estate investment trust’s stock worth $4,104,000 after purchasing an additional 365 shares in the last quarter. Finally, MEAG MUNICH ERGO AssetManagement GmbH increased its stake in Taubman Centers by 3.3% during the 2nd quarter. MEAG MUNICH ERGO AssetManagement GmbH now owns 428,100 shares of the real estate investment trust’s stock worth $17,479,000 after purchasing an additional 13,700 shares in the last quarter. 99.16% of the stock is owned by institutional investors and hedge funds.
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 and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.
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