BMO Capital Markets assumed coverage on shares of Taubman Centers, Inc. (NYSE:TCO) in a research note issued to investors on Monday. The brokerage set an “underperform” rating on the real estate investment trust’s stock.
Several other equities analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, August 28th. BidaskClub downgraded shares of Taubman Centers from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Boenning Scattergood reissued a “hold” rating on shares of Taubman Centers in a report on Monday, July 31st. KeyCorp cut their price target on shares of Taubman Centers from $85.00 to $79.00 and set an “overweight” rating for the company in a report on Wednesday, June 28th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $56.00 price target (down from $71.00) on shares of Taubman Centers in a report on Saturday, June 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $71.00.
Shares of Taubman Centers (TCO) traded down 1.24% during midday trading on Monday, hitting $51.91. 553,307 shares of the company’s stock traded hands. The company has a 50 day moving average price of $54.74 and a 200 day moving average price of $60.62. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 40.12 and a beta of 0.50. Taubman Centers has a 1-year low of $50.72 and a 1-year high of $78.65.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The firm had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. During the same period last year, the firm posted $1.04 EPS. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. Equities analysts anticipate that Taubman Centers will post $1.08 earnings per share for the current year.
In related news, Director Myron E. Ullman III bought 12,325 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was bought at an average cost of $56.90 per share, with a total value of $701,292.50. Following the completion of the purchase, the director now owns 16,646 shares in the company, valued at approximately $947,157.40. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 31.20% of the company’s stock.
Several large investors have recently modified their holdings of the company. U S Global Investors Inc. acquired a new stake in shares of Taubman Centers during the 2nd quarter worth approximately $1,146,000. Ameritas Investment Partners Inc. grew its position in shares of Taubman Centers by 1.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 18,162 shares of the real estate investment trust’s stock worth $1,082,000 after buying an additional 323 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Taubman Centers by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,317 shares of the real estate investment trust’s stock worth $5,319,000 after buying an additional 1,777 shares during the period. PointState Capital LP acquired a new stake in shares of Taubman Centers during the 2nd quarter worth approximately $6,592,000. Finally, State Street Corp grew its position in shares of 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 buying an additional 13,584 shares during the period. Institutional investors own 98.53% of the company’s stock.
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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