Taubman Centers, Inc. (NYSE:TCO) – Stock analysts at KeyCorp dropped their FY2018 earnings per share estimates for shares of Taubman Centers in a research note issued on Tuesday, Zacks Investment Research reports. KeyCorp analyst T. Thomas now forecasts that the real estate investment trust will post earnings of $3.80 per share for the year, down from their previous estimate of $3.87.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.06). Taubman Centers had a negative return on equity of 75.87% and a net margin of 13.21%. The business had revenue of $153.20 million during the quarter, compared to analysts’ expectations of $155.95 million. During the same period in the previous year, the company posted $0.94 EPS. Taubman Centers’s revenue for the quarter was up 3.5% on a year-over-year basis.
TCO has been the subject of several other research reports. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Monday, October 30th. JPMorgan Chase & Co. cut shares of Taubman Centers from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $64.00 to $57.00 in a research report on Tuesday, September 26th. Morgan Stanley cut shares of Taubman Centers from an “equal weight” rating to an “underweight” rating in a research report on Monday, September 18th. BMO Capital Markets raised shares of Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 price target for the company in a research report on Wednesday, December 13th. Finally, Mizuho reiterated a “neutral” rating on shares of Taubman Centers in a research note on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $65.00.
Shares of Taubman Centers (NYSE TCO) opened at $62.50 on Thursday. Taubman Centers has a 52-week low of $44.78 and a 52-week high of $73.41. The firm has a market cap of $3,806.08, a P/E ratio of 59.52, a PEG ratio of 4.94 and a beta of 0.61. The company has a debt-to-equity ratio of -21.77, a current ratio of 0.35 and a quick ratio of 0.35.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were paid a dividend of $0.625 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $2.50 annualized dividend and a dividend yield of 4.00%. Taubman Centers’s dividend payout ratio (DPR) is presently 238.10%.
In related news, Director Cornelia Connelly Marakovits purchased 4,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were acquired at an average price of $63.35 per share, for a total transaction of $253,400.00. Following the purchase, the director now owns 7,403 shares of the company’s stock, valued at approximately $468,980.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert S. Taubman sold 58,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total transaction of $3,635,440.00. Following the transaction, the chief executive officer now owns 16,953 shares in the company, valued at approximately $1,062,614.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,318 shares of company stock valued at $5,849,897. 31.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the business. California Public Employees Retirement System increased its stake in Taubman Centers by 6.2% during the 3rd quarter. California Public Employees Retirement System now owns 154,277 shares of the real estate investment trust’s stock valued at $7,668,000 after purchasing an additional 9,064 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Taubman Centers during the 3rd quarter valued at approximately $368,000. Alyeska Investment Group L.P. acquired a new position in Taubman Centers during the 3rd quarter valued at approximately $883,000. Asset Management One Co. Ltd. increased its stake in Taubman Centers by 1.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 131,663 shares of the real estate investment trust’s stock valued at $6,615,000 after purchasing an additional 1,458 shares in the last quarter. Finally, AMP Capital Investors Ltd increased its stake in shares of Taubman Centers by 228.3% in the third quarter. AMP Capital Investors Ltd now owns 67,728 shares of the real estate investment trust’s stock worth $3,366,000 after acquiring an additional 47,100 shares during the period.
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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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