TCO has been the topic of several other reports. Morgan Stanley upgraded shares of Taubman Centers from an underweight rating to an equal weight rating and set a $50.85 price objective on the stock in a report on Sunday, December 2nd. Jefferies Financial Group reiterated a hold rating and set a $63.00 price objective on shares of Taubman Centers in a report on Wednesday, September 5th. Evercore ISI lowered shares of Taubman Centers from an in-line rating to an underperform rating and set a $63.00 price objective on the stock. in a report on Monday, September 10th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Taubman Centers from a hold rating to a sell rating in a report on Tuesday, November 20th. Finally, Deutsche Bank set a $66.00 price objective on shares of Taubman Centers and gave the stock a hold rating in a report on Friday, November 30th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $59.99.
Taubman Centers stock opened at $53.30 on Monday. Taubman Centers has a 12-month low of $49.73 and a 12-month high of $66.61. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 4.93 and a beta of 0.63.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Monday, December 17th will be issued a $0.655 dividend. This represents a $2.62 annualized dividend and a yield of 4.92%. Taubman Centers’s payout ratio is 70.81%.
In other Taubman Centers news, Director Jonathan Litt purchased 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The shares were purchased at an average price of $54.32 per share, for a total transaction of $54,320.00. Following the completion of the acquisition, the director now owns 3,653 shares of the company’s stock, valued at approximately $198,430.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 2,250 shares of company stock worth $122,363 in the last 90 days. 31.20% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Taubman Centers by 0.7% in the third quarter. Vanguard Group Inc. now owns 8,930,867 shares of the real estate investment trust’s stock valued at $534,334,000 after buying an additional 63,557 shares during the period. BlackRock Inc. raised its holdings in Taubman Centers by 2.0% in the third quarter. BlackRock Inc. now owns 7,078,007 shares of the real estate investment trust’s stock valued at $423,477,000 after buying an additional 141,423 shares during the period. Cohen & Steers Inc. raised its holdings in Taubman Centers by 434.6% in the third quarter. Cohen & Steers Inc. now owns 4,845,258 shares of the real estate investment trust’s stock valued at $289,892,000 after buying an additional 3,938,892 shares during the period. Cbre Clarion Securities LLC raised its holdings in Taubman Centers by 13.3% in the second quarter. Cbre Clarion Securities LLC now owns 3,305,710 shares of the real estate investment trust’s stock valued at $194,244,000 after buying an additional 389,099 shares during the period. Finally, FMR LLC raised its holdings in Taubman Centers by 7.6% in the second quarter. FMR LLC now owns 1,666,623 shares of the real estate investment trust’s stock valued at $97,930,000 after buying an additional 117,876 shares during the period.
About Taubman Centers
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
See Also: Institutional Investors
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