Taubman Centers, Inc. (TCO) Director Myron E. Ullman III Acquires 12,325 Shares
Taubman Centers, Inc. (NYSE:TCO) Director Myron E. Ullman III bought 12,325 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average cost of $56.90 per share, with a total value of $701,292.50. Following the transaction, the director now directly owns 16,646 shares in the company, valued at approximately $947,157.40. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of Taubman Centers, Inc. (NYSE:TCO) opened at 54.95 on Monday. Taubman Centers, Inc. has a 12 month low of $54.00 and a 12 month high of $80.86. The stock’s 50 day moving average is $58.75 and its 200 day moving average is $63.22. The firm has a market cap of $3.34 billion, a P/E ratio of 42.47 and a beta of 0.49.
Taubman Centers (NYSE:TCO) last posted its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.02. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The firm had revenue of $154.68 million for the quarter, compared to analysts’ expectations of $142.16 million. During the same period in the previous year, the firm earned $1.04 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. Equities research analysts expect that Taubman Centers, Inc. will post $1.15 EPS for the current year.
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Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Taubman Centers by 5,443.6% in the first quarter. BlackRock Inc. now owns 6,413,320 shares of the real estate investment trust’s stock valued at $423,407,000 after buying an additional 6,297,632 shares during the period. RidgeWorth Capital Management LLC acquired a new position in Taubman Centers during the first quarter valued at about $45,542,000. ProShare Advisors LLC boosted its position in Taubman Centers by 1,286.0% in the first quarter. ProShare Advisors LLC now owns 302,879 shares of the real estate investment trust’s stock valued at $1,427,000 after buying an additional 281,026 shares during the period. Coronation Fund Managers Ltd. acquired a new position in Taubman Centers during the second quarter valued at about $14,422,000. Finally, Vanguard Group Inc. boosted its position in Taubman Centers by 2.2% in the first quarter. Vanguard Group Inc. now owns 9,465,848 shares of the real estate investment trust’s stock valued at $624,935,000 after buying an additional 202,444 shares during the period. 98.38% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Taubman Centers from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. Jefferies Group LLC reissued a “hold” rating and set a $70.00 target price on shares of Taubman Centers in a research report on Monday, April 17th. BidaskClub raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. KeyCorp decreased their target price on shares of Taubman Centers from $85.00 to $79.00 and set an “overweight” rating for the company in a research report on Wednesday, June 28th. Finally, Deutsche Bank AG increased their target price on shares of Taubman Centers from $68.00 to $71.00 and gave the company a “hold” rating in a research report on Monday, May 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Taubman Centers presently has a consensus rating of “Hold” and an average target price of $73.57.
About Taubman Centers
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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