Taubman Centers, Inc. (TCO) Announces $0.63 Quarterly Dividend
Taubman Centers, Inc. (NYSE:TCO) announced a quarterly dividend on Monday, December 4th, RTT News reports. Stockholders of record on Friday, December 15th will be paid a dividend of 0.625 per share by the real estate investment trust on Friday, December 29th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.25%.
Taubman Centers has raised its dividend payment by an average of 6.0% per year over the last three years and has raised its dividend every year for the last 7 years. Taubman Centers has a dividend payout ratio of 67.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Taubman Centers to earn $3.85 per share next year, which means the company should continue to be able to cover its $2.50 annual dividend with an expected future payout ratio of 64.9%.
Shares of Taubman Centers (NYSE:TCO) traded up $0.20 during midday trading on Monday, hitting $58.89. 856,000 shares of the stock were exchanged, compared to its average volume of 634,684. The firm has a market cap of $3,575.37, a P/E ratio of 16.27, a P/E/G ratio of 4.83 and a beta of 0.62. The company has a debt-to-equity ratio of -21.77, a current ratio of 0.35 and a quick ratio of 0.35. Taubman Centers has a fifty-two week low of $44.78 and a fifty-two week high of $76.79.
Several brokerages have commented on TCO. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. J P Morgan Chase & Co cut shares of Taubman Centers from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $64.00 to $57.00 in a research report on Tuesday, September 26th. Jefferies Group reaffirmed a “hold” rating and set a $57.00 price objective on shares of Taubman Centers in a research report on Tuesday, September 26th. Mizuho reaffirmed a “neutral” rating on shares of Taubman Centers in a research report on Wednesday, November 8th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $67.14.
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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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