Zurcher Kantonalbank Zurich Cantonalbank Has $1.73 Million Holdings in Taubman Centers, Inc. (TCO)
Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Taubman Centers, Inc. (NYSE:TCO) by 14.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,964 shares of the real estate investment trust’s stock after selling 4,778 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Taubman Centers were worth $1,725,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in shares of Taubman Centers by 13.9% in the 2nd quarter. Pacer Advisors Inc. now owns 11,673 shares of the real estate investment trust’s stock valued at $695,000 after acquiring an additional 1,425 shares during the period. Utah Retirement Systems raised its stake in shares of Taubman Centers by 0.7% in the 2nd quarter. Utah Retirement Systems now owns 15,104 shares of the real estate investment trust’s stock valued at $900,000 after acquiring an additional 101 shares during the period. Prudential Financial Inc. raised its stake in shares of Taubman Centers by 8.0% in the 2nd quarter. Prudential Financial Inc. now owns 1,262,304 shares of the real estate investment trust’s stock valued at $75,170,000 after acquiring an additional 94,011 shares during the period. GAM Holding AG raised its stake in shares of Taubman Centers by 3.3% in the 2nd quarter. GAM Holding AG now owns 5,154 shares of the real estate investment trust’s stock valued at $307,000 after acquiring an additional 166 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of Taubman Centers by 0.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 94,784 shares of the real estate investment trust’s stock valued at $5,644,000 after acquiring an additional 273 shares during the period. 98.53% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently issued reports on TCO shares. ValuEngine raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a research note on Tuesday, May 16th. Deutsche Bank AG boosted their price target on shares of Taubman Centers from $68.00 to $71.00 and gave the company a “hold” rating in a research note on Monday, May 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $56.00 price target (down from $71.00) on shares of Taubman Centers in a research note on Saturday, June 3rd. KeyCorp reduced their price target on shares of Taubman Centers from $85.00 to $79.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 28th. Finally, BidaskClub raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $71.00.
Shares of Taubman Centers, Inc. (NYSE:TCO) opened at 52.40 on Friday. The company’s 50-day moving average is $54.98 and its 200 day moving average is $60.85. The stock has a market capitalization of $3.18 billion, a P/E ratio of 40.49 and a beta of 0.50. Taubman Centers, Inc. has a 52 week low of $50.72 and a 52 week high of $78.65.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The firm had revenue of $154.68 million for the quarter, compared to analyst estimates of $142.16 million. During the same quarter last year, the firm posted $1.04 earnings per share. Taubman Centers’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities analysts forecast that Taubman Centers, Inc. will post $1.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.625 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.50 annualized dividend and a yield of 4.77%. Taubman Centers’s payout ratio is 193.80%.
In other Taubman Centers news, Director Myron E. Ullman III purchased 12,325 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average price of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the acquisition, the director now owns 16,646 shares of the company’s stock, valued at approximately $947,157.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 31.20% of the company’s stock.
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Taubman Centers 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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