Taubman Centers, Inc. (NYSE:TCO) declared a quarterly dividend on Friday, March 2nd, Zacks reports. Stockholders of record on Thursday, March 15th will be paid a dividend of 0.655 per share by the real estate investment trust on Friday, March 30th. This represents a $2.62 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend is Wednesday, March 14th. This is an increase from Taubman Centers’s previous quarterly dividend of $0.63.
Taubman Centers has raised its dividend by an average of 5.0% per year over the last three years and has increased its dividend every year for the last 8 years. Taubman Centers has a dividend payout ratio of 67.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Taubman Centers to earn $3.89 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 64.3%.
Taubman Centers (NYSE:TCO) traded down $0.34 during trading hours on Tuesday, hitting $57.36. The company had a trading volume of 51,765 shares, compared to its average volume of 870,800. The company has a debt-to-equity ratio of -23.70, a current ratio of 0.40 and a quick ratio of 0.40. Taubman Centers has a fifty-two week low of $44.78 and a fifty-two week high of $67.19. The firm has a market cap of $3,484.02, a price-to-earnings ratio of 64.11, a price-to-earnings-growth ratio of 3.38 and a beta of 0.55.
In other news, COO William S. Taubman sold 35,000 shares of Taubman Centers stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $62.68, for a total transaction of $2,193,800.00. Following the sale, the chief operating officer now owns 67,633 shares of the company’s stock, valued at approximately $4,239,236.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig M. Hatkoff sold 1,350 shares of Taubman Centers stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $58.62, for a total value of $79,137.00. Following the sale, the director now directly owns 6,013 shares in the company, valued at approximately $352,482.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,053 shares of company stock worth $5,951,926. Company insiders own 31.20% of the company’s stock.
A number of equities analysts recently weighed in on the company. Sandler O’Neill set a $63.00 price target on Taubman Centers and gave the company a “hold” rating in a research report on Tuesday, February 13th. Boenning Scattergood reissued a “hold” rating on shares of Taubman Centers in a research note on Monday, February 12th. BMO Capital Markets reissued a “hold” rating and issued a $62.00 price objective on shares of Taubman Centers in a research note on Tuesday, January 9th. Mizuho set a $63.00 price objective on Taubman Centers and gave the company a “hold” rating in a research note on Friday, February 16th. Finally, Citigroup raised their price objective on Taubman Centers from $58.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $64.20.
Taubman Centers Company 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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