Morgan Stanley lowered shares of Taubman Centers, Inc. (NYSE:TCO) from an equal weight rating to an underweight rating in a report published on Monday, Marketbeat.com reports.
A number of other research firms have also recently issued reports on TCO. Zacks Investment Research cut Taubman Centers from a hold rating to a sell rating in a report on Tuesday, July 4th. BidaskClub upgraded Taubman Centers from a hold rating to a buy rating in a report on Wednesday, July 19th. KeyCorp cut their price target on Taubman Centers from $85.00 to $79.00 and set an overweight rating on the stock in a report on Wednesday, June 28th. Deutsche Bank AG increased their price target on Taubman Centers from $68.00 to $71.00 and gave the stock a hold rating in a report on Monday, May 22nd. Finally, ValuEngine cut Taubman Centers from a buy rating to a hold rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $71.00.
Shares of Taubman Centers (NYSE TCO) opened at 49.59 on Monday. Taubman Centers has a 12 month low of $49.49 and a 12 month high of $78.65. The firm has a market capitalization of $3.01 billion, a P/E ratio of 38.32 and a beta of 0.50. The company has a 50 day moving average of $53.35 and a 200-day moving average of $59.84.
Taubman Centers (NYSE:TCO) last announced its 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 negative return on equity of 110.46% and a net margin of 14.71%. The business had revenue of $154.68 million for the quarter, compared to analysts’ expectations of $142.16 million. During the same period in the prior year, the business posted $1.04 earnings per share. The firm’s revenue was down 2.6% on a year-over-year basis. Analysts predict that Taubman Centers will post $1.08 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date is Thursday, September 14th. Taubman Centers’s payout ratio is 193.80%.
In other news, Director Myron E. Ullman III bought 12,325 shares of the stock in a transaction dated Wednesday, August 9th. The shares were bought at an average cost of $56.90 per share, with a total value of $701,292.50. Following the completion of the transaction, the director now directly owns 16,646 shares of the company’s stock, valued at $947,157.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 31.20% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Creative Planning raised its position in shares of Taubman Centers by 8.0% during the second quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock worth $166,000 after purchasing an additional 206 shares during the period. Virtu KCG Holdings LLC acquired a new position in shares of Taubman Centers during the second quarter worth approximately $227,000. Riverhead Capital Management LLC raised its position in shares of Taubman Centers by 83.2% during the second quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 1,997 shares during the period. Shelton Capital Management acquired a new position in shares of Taubman Centers during the second quarter worth approximately $269,000. Finally, LS Investment Advisors LLC raised its position in shares of Taubman Centers by 16.8% during the second quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock worth $286,000 after purchasing an additional 692 shares during the period. 98.53% of the stock is currently owned by institutional investors.
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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