Taubman Centers, Inc. (TCO) Rating Reiterated by Jefferies Group LLC
Jefferies Group LLC reaffirmed their neutral rating on shares of Taubman Centers, Inc. (NYSE:TCO) in a research report report published on Friday morning. Jefferies Group also issued estimates for Taubman Centers’ Q3 2017 earnings at $0.87 EPS, Q4 2017 earnings at $0.96 EPS, FY2017 earnings at $3.67 EPS, FY2018 earnings at $3.77 EPS and FY2019 earnings at $3.99 EPS.
A number of other research analysts also recently weighed in on TCO. KeyCorp decreased their price target on Taubman Centers from $85.00 to $79.00 and set an overweight rating for the company in a research note on Wednesday, June 28th. BidaskClub upgraded Taubman Centers from a hold rating to a buy rating in a research note on Friday, June 30th. Zacks Investment Research downgraded Taubman Centers from a hold rating to a sell rating in a research note on Tuesday, July 4th. Boenning Scattergood restated a hold rating on shares of Taubman Centers in a research note on Monday, July 31st. Finally, BMO Capital Markets assumed coverage on Taubman Centers in a research note on Monday, September 11th. They issued an underperform rating for the company. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Taubman Centers presently has an average rating of Hold and a consensus target price of $67.14.
Shares of Taubman Centers (TCO) opened at 50.12 on Friday. The company has a 50-day moving average price of $51.12 and a 200 day moving average price of $57.84. Taubman Centers has a 12-month low of $48.77 and a 12-month high of $78.65. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 38.85 and a beta of 0.51.
Taubman Centers (NYSE:TCO) last posted its quarterly 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. The firm had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company earned $1.04 earnings per share. Equities research analysts expect that Taubman Centers will post $1.08 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a dividend of $0.625 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.50 annualized dividend and a dividend yield of 4.99%. Taubman Centers’s dividend payout ratio is currently 193.80%.
In other Taubman Centers news, Director Myron E. Ullman III bought 12,325 shares of Taubman Centers stock in a transaction dated 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 purchase, 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. Insiders own 31.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in Taubman Centers by 1.3% during the 2nd quarter. BlackRock Inc. now owns 6,495,611 shares of the real estate investment trust’s stock worth $386,814,000 after purchasing an additional 82,291 shares during the last quarter. State Street Corp lifted its holdings in Taubman Centers by 0.5% during the 2nd quarter. State Street Corp now owns 2,665,010 shares of the real estate investment trust’s stock worth $158,705,000 after purchasing an additional 13,584 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Taubman Centers by 0.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,599,830 shares of the real estate investment trust’s stock worth $171,641,000 after purchasing an additional 16,247 shares during the last quarter. Citigroup Inc. lifted its holdings in Taubman Centers by 2.1% during the 2nd quarter. Citigroup Inc. now owns 2,147,396 shares of the real estate investment trust’s stock worth $127,878,000 after purchasing an additional 44,342 shares during the last quarter. Finally, Madison International Realty Holdings LLC lifted its holdings in Taubman Centers by 12.5% during the 1st quarter. Madison International Realty Holdings LLC now owns 1,449,837 shares of the real estate investment trust’s stock worth $95,718,000 after purchasing an additional 161,200 shares during the last quarter.
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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