Zacks Investment Research Lowers Taubman Centers, Inc. (NYSE:TCO) to Sell
Zacks Investment Research downgraded shares of Taubman Centers, Inc. (NYSE:TCO) from a hold rating to a sell rating in a report released on Tuesday, July 4th.
According to Zacks, “Over the last three months, Taubman’s shares underperformed the Zacks categorized REIT and Equity Trust – Retail industry. Also, its second-quarter and full-year 2017 funds from operations (FFO) per share estimate moved south, over the past 30 days. Admittedly, with a rapid shift in customers’ shopping preferences and growing online purchases, mall traffic continues to suffer. This has emerged as a pressing concern for retail REITs like Taubman. Also, hike in interest rates and unfavorable foreign currency movements increase its risks. Nevertheless, the company boasts a well-positioned portfolio and high-quality tenant roster of national retailers. It is also focused on expansion and development of properties in major submarkets, which augur well for long-term growth.”
Other analysts have also recently issued reports about the company. ValuEngine raised Taubman Centers from a hold rating to a buy rating in a report on Tuesday, May 16th. BidaskClub raised Taubman Centers from a hold rating to a buy rating in a report on Friday, June 30th. Morgan Stanley reissued an equal weight rating and set a $56.00 price objective (down from $71.00) on shares of Taubman Centers in a report on Saturday, June 3rd. Deutsche Bank AG upped their price target on Taubman Centers from $68.00 to $71.00 and gave the company a hold rating in a research note on Monday, May 22nd. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $70.00 price target on shares of Taubman Centers in a research note on Monday, April 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. Taubman Centers presently has an average rating of Hold and a consensus target price of $75.44.
Shares of Taubman Centers (NYSE:TCO) traded up 0.99% during trading on Tuesday, hitting $56.04. 412,634 shares of the stock traded hands. Taubman Centers has a 1-year low of $55.46 and a 1-year high of $80.86. The company has a 50 day moving average of $59.37 and a 200-day moving average of $63.94. The company has a market cap of $3.40 billion, a PE ratio of 43.31 and a beta of 0.49.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.02. The firm had revenue of $154.68 million during the quarter, compared to analysts’ expectations of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.04 EPS. On average, equities analysts anticipate that Taubman Centers will post $1.15 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of TCO. Creative Planning raised its position in shares of Taubman Centers by 8.0% in the second quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock valued at $166,000 after buying an additional 206 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Taubman Centers by 37.1% in the first quarter. Daiwa Securities Group Inc. now owns 4,800 shares of the real estate investment trust’s stock valued at $317,000 after buying an additional 1,300 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Taubman Centers by 16.8% in the second quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock valued at $286,000 after buying an additional 692 shares in the last quarter. World Asset Management Inc raised its position in shares of Taubman Centers by 7.3% in the first quarter. World Asset Management Inc now owns 4,848 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 328 shares in the last quarter. Finally, Clinton Group Inc. acquired a new position in shares of Taubman Centers during the first quarter valued at about $342,000. Institutional investors and hedge funds own 99.12% of the company’s stock.
Taubman Centers Company Profile
Taubman Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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