Treasurer of the State of North Carolina grew its position in shares of Taubman Centers, Inc. (NYSE:TCO) by 21.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 28,734 shares of the real estate investment trust’s stock after acquiring an additional 5,130 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Taubman Centers were worth $1,173,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. California State Teachers Retirement System raised its holdings in Taubman Centers by 0.5% during the 1st quarter. California State Teachers Retirement System now owns 93,725 shares of the real estate investment trust’s stock valued at $4,956,000 after buying an additional 425 shares during the period. PNC Financial Services Group Inc. boosted its position in Taubman Centers by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 37,232 shares of the real estate investment trust’s stock valued at $1,968,000 after purchasing an additional 215 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Taubman Centers by 97.0% during the first quarter. Envestnet Asset Management Inc. now owns 90,811 shares of the real estate investment trust’s stock valued at $4,802,000 after purchasing an additional 44,718 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Taubman Centers during the first quarter valued at about $37,000. Finally, FMR LLC boosted its position in Taubman Centers by 53.5% during the first quarter. FMR LLC now owns 2,281,964 shares of the real estate investment trust’s stock valued at $120,670,000 after purchasing an additional 795,047 shares in the last quarter. Hedge funds and other institutional investors own 99.60% of the company’s stock.
In other Taubman Centers news, Director Michael J. Embler acquired 5,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $39.11 per share, for a total transaction of $195,550.00. Following the completion of the acquisition, the director now directly owns 9,301 shares of the company’s stock, valued at $363,762.11. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 31.00% of the stock is owned by company insiders.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.73). Taubman Centers had a net margin of 9.68% and a negative return on equity of 20.52%. The business had revenue of $161.60 million during the quarter, compared to analyst estimates of $162.17 million. During the same period last year, the company earned $0.92 EPS. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities research analysts predict that Taubman Centers, Inc. will post 3.68 earnings per share for the current fiscal year.
The business also recently declared a — dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.675 per share. This represents a yield of 6.7%. The ex-dividend date of this dividend was Friday, September 13th. Taubman Centers’s payout ratio is 70.50%.
Several equities research analysts have weighed in on TCO shares. Citigroup lowered their price target on Taubman Centers from $43.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, September 27th. JPMorgan Chase & Co. cut Taubman Centers from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $51.00 to $42.00 in a research report on Tuesday. ValuEngine raised Taubman Centers from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley lowered their price target on Taubman Centers from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 3rd. Finally, Sandler O’Neill lowered Taubman Centers from a “buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. Taubman Centers presently has a consensus rating of “Hold” and a consensus target price of $52.00.
Taubman Centers Profile
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 and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.
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