Taubman Centers, Inc. (NYSE:TCO) – Jefferies Group decreased their Q3 2017 earnings per share estimates for Taubman Centers in a report released on Wednesday. Jefferies Group analyst O. Okusanya now expects that the real estate investment trust will post earnings of $0.87 per share for the quarter, down from their prior estimate of $0.88. Jefferies Group has a “Hold” rating and a $57.00 price objective on the stock. Jefferies Group also issued estimates for Taubman Centers’ Q4 2017 earnings at $0.96 EPS and FY2018 earnings at $3.77 EPS.
Taubman Centers (NYSE:TCO) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $154.68 million for the quarter, compared to the consensus estimate of $142.16 million. During the same period in the prior year, the company posted $1.04 EPS. The company’s revenue was down 2.6% compared to the same quarter last year.
Several other analysts have also recently weighed in on TCO. Zacks Investment Research cut Taubman Centers from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. J P Morgan Chase & Co cut Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $64.00 to $57.00 in a report on Tuesday, September 26th. Boenning Scattergood reiterated a “hold” rating on shares of Taubman Centers in a report on Monday, July 31st. BidaskClub cut Taubman Centers from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Finally, KeyCorp reduced their target price on Taubman Centers from $85.00 to $79.00 and set an “overweight” rating on the stock in a report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $67.14.
Taubman Centers (NYSE:TCO) opened at 50.69 on Friday. Taubman Centers has a 52-week low of $48.77 and a 52-week high of $78.65. The firm has a market capitalization of $3.08 billion, a P/E ratio of 39.17 and a beta of 0.50. The firm’s 50-day moving average is $51.22 and its 200-day moving average is $58.04.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date was 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. Vanguard Group Inc. raised its position in Taubman Centers by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 9,465,848 shares of the real estate investment trust’s stock valued at $624,935,000 after buying an additional 202,444 shares during the last quarter. BlackRock Inc. raised its position in Taubman Centers by 1.3% in the 2nd quarter. BlackRock Inc. now owns 6,495,611 shares of the real estate investment trust’s stock valued at $386,814,000 after buying an additional 82,291 shares during the last quarter. State Street Corp raised its position in Taubman Centers by 0.5% in the 2nd quarter. State Street Corp now owns 2,665,010 shares of the real estate investment trust’s stock valued at $158,705,000 after buying an additional 13,584 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Taubman Centers by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,599,830 shares of the real estate investment trust’s stock valued at $171,641,000 after buying an additional 16,247 shares during the last quarter. Finally, Citigroup Inc. raised its position in Taubman Centers by 2.1% in the 2nd quarter. Citigroup Inc. now owns 2,147,396 shares of the real estate investment trust’s stock valued at $127,878,000 after buying an additional 44,342 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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