Brokerages Anticipate Taubman Centers, Inc. (TCO) Will Announce Quarterly Sales of $150.32 Million
Equities analysts expect that Taubman Centers, Inc. (NYSE:TCO) will report $150.32 million in sales for the current quarter, Zacks reports. Twelve analysts have provided estimates for Taubman Centers’ earnings, with estimates ranging from $143.52 million to $164.24 million. Taubman Centers reported sales of $148.02 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.6%. The firm is expected to report its next quarterly earnings results on Tuesday, November 7th.
On average, analysts expect that Taubman Centers will report full year sales of $150.32 million for the current year, with estimates ranging from $572.14 million to $636.81 million. For the next fiscal year, analysts expect that the company will post sales of $627.76 million per share, with estimates ranging from $587.41 million to $666.15 million. Zacks’ sales averages are a mean average based on a survey of research firms that cover Taubman Centers.
Taubman Centers (NYSE:TCO) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, beating the Zacks’ 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 the consensus estimate of $142.16 million. During the same quarter last year, the business posted $1.04 EPS. The company’s revenue was down 2.6% compared to the same quarter last year.
Several analysts have issued reports on the stock. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. J P Morgan Chase & Co lowered shares of Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $64.00 to $57.00 in a research report on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and set a $57.00 price target on shares of Taubman Centers in a research report on Tuesday, September 26th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a report on Monday, July 31st. Finally, BidaskClub cut shares of Taubman Centers from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. Taubman Centers has an average rating of “Hold” and a consensus target price of $67.14.
Taubman Centers (NYSE:TCO) opened at 49.79 on Wednesday. The firm has a market cap of $3.02 billion, a PE ratio of 38.48 and a beta of 0.51. Taubman Centers has a 12-month low of $48.77 and a 12-month high of $78.65. The stock’s 50 day moving average price is $51.59 and its 200-day moving average price is $58.66.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 5.02%. The ex-dividend date was Thursday, September 14th. Taubman Centers’s dividend payout ratio (DPR) is currently 193.80%.
In related news, Director Myron E. Ullman III bought 12,325 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 16,646 shares of the company’s stock, valued at $947,157.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 31.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Taubman Centers by 5,443.6% during the first quarter. BlackRock Inc. now owns 6,413,320 shares of the real estate investment trust’s stock worth $423,407,000 after purchasing an additional 6,297,632 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new position in shares of Taubman Centers in the 2nd quarter worth about $14,422,000. Vanguard Group Inc. boosted its holdings in shares of Taubman Centers by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 9,465,848 shares of the real estate investment trust’s stock worth $624,935,000 after purchasing an additional 202,444 shares in the last quarter. Land & Buildings Investment Management LLC boosted its holdings in shares of Taubman Centers by 28.1% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 920,447 shares of the real estate investment trust’s stock worth $54,813,000 after purchasing an additional 202,000 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Taubman Centers by 184.1% in the 2nd quarter. Bank of Montreal Can now owns 254,238 shares of the real estate investment trust’s stock worth $15,140,000 after purchasing an additional 164,759 shares in the last quarter. Institutional investors and hedge funds own 98.53% of the company’s stock.
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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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