Taubman Centers, Inc. (TCO) Rating Increased to Hold at Zacks Investment Research
Taubman Centers, Inc. (NYSE:TCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Shares of Taubman Centers have underperformed its industry, year to date. However, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in the past seven days. Notably, its better-than expected performance in the second quarter reflected substantial lease cancellation income and higher rents, together with lesser operating and general and administrative costs. Its focus on implementing cost-saving initiatives is likely to support FFO per share, going forward. However, Taubman Centers’ performance in the near term is anticipated to be affected by the choppy retail real estate environment. Amid significant competition and growing online purchases, mall traffic continues to suffer. These have led to significant store closures and bankruptcy filing by retailers. Also, hike in interest rates and unfavorable foreign currency movements increase its risks.”
TCO has been the topic of a number of other research reports. BidaskClub raised Taubman Centers from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Deutsche Bank AG raised their price objective on Taubman Centers from $68.00 to $71.00 and gave the company a “hold” rating in a research report on Monday, May 22nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $56.00 price objective (down previously from $71.00) on shares of Taubman Centers in a research report on Saturday, June 3rd. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research report on Monday, July 31st. Finally, ValuEngine raised Taubman Centers from a “hold” rating to a “buy” rating in a research report on Tuesday, May 16th. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $73.57.
Taubman Centers (NYSE:TCO) opened at 51.39 on Monday. The firm has a market cap of $3.12 billion, a P/E ratio of 39.71 and a beta of 0.49. The company’s 50 day moving average is $56.91 and its 200-day moving average is $61.94. Taubman Centers has a 52-week low of $51.15 and a 52-week high of $80.86.
Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $154.68 million for the quarter, compared to the consensus estimate of $142.16 million. During the same quarter last year, the company earned $1.04 earnings per share. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities analysts predict that Taubman Centers will post $1.08 EPS for the current fiscal year.
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In other Taubman Centers news, Director Myron E. Ullman III purchased 12,325 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was bought at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the purchase, the director now owns 16,646 shares in the company, valued at approximately $947,157.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 31.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TCO. Schwab Charles Investment Management Inc. boosted its stake in Taubman Centers by 9.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 530,880 shares of the real estate investment trust’s stock worth $35,049,000 after buying an additional 43,795 shares during the period. Madison International Realty Holdings LLC boosted its position in shares of Taubman Centers by 12.5% in the first quarter. Madison International Realty Holdings LLC now owns 1,449,837 shares of the real estate investment trust’s stock valued at $95,718,000 after buying an additional 161,200 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Taubman Centers by 8.0% in the second quarter. Prudential Financial Inc. now owns 1,262,304 shares of the real estate investment trust’s stock valued at $75,170,000 after buying an additional 94,011 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of 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 last quarter. Finally, Utah Retirement Systems boosted its position in shares of Taubman Centers by 4.9% in the first quarter. Utah Retirement Systems now owns 15,003 shares of the real estate investment trust’s stock valued at $991,000 after buying an additional 700 shares during the last quarter. Institutional investors own 98.53% of the company’s stock.
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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