Taubman Centers (TCO) Sets New 1-Year Low at $49.73

Taubman Centers, Inc. (NYSE:TCO) shares hit a new 52-week low during trading on Thursday . The stock traded as low as $49.73 and last traded at $51.87, with a volume of 284562 shares traded. The stock had previously closed at $51.11.

Several research analysts have commented on the stock. Zacks Investment Research upgraded shares of Taubman Centers from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. Jefferies Financial Group restated a “hold” rating and issued 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 for the company. in a report on Monday, September 10th. They noted that the move was a valuation call. Bank of America upped their price objective on shares of Taubman Centers from $60.00 to $66.00 and gave the stock a “neutral” rating in a report on Monday, August 13th. Finally, BMO Capital Markets restated a “hold” rating and issued a $62.00 price objective on shares of Taubman Centers in a report on Monday, October 29th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. Taubman Centers has an average rating of “Hold” and an average target price of $59.99.

The company has a market capitalization of $3.25 billion, a PE ratio of 14.43, a PEG ratio of 5.15 and a beta of 0.63.

Taubman Centers (NYSE:TCO) last issued its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.52). The business had revenue of $159.12 million during the quarter, compared to the consensus estimate of $159.68 million. Taubman Centers had a negative return on equity of 45.76% and a net margin of 14.42%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. Analysts anticipate that Taubman Centers, Inc. will post 3.79 earnings per share for the current fiscal year.

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 paid a $0.655 dividend. The ex-dividend date is Friday, December 14th. This represents a $2.62 annualized dividend and a dividend yield of 4.91%. Taubman Centers’s payout ratio is 70.81%.

In other Taubman Centers news, Director Jonathan Litt purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was bought at an average cost of $55.21 per share, for a total transaction of $55,210.00. Following the purchase, the director now directly owns 2,653 shares in the company, valued at $146,472.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders purchased 2,250 shares of company stock valued at $122,363. 31.20% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Taubman Centers by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,930,867 shares of the real estate investment trust’s stock worth $534,334,000 after acquiring an additional 63,557 shares in the last quarter. BlackRock Inc. increased its stake in shares of Taubman Centers by 2.0% in the 3rd quarter. BlackRock Inc. now owns 7,078,007 shares of the real estate investment trust’s stock worth $423,477,000 after acquiring an additional 141,423 shares in the last quarter. Cohen & Steers Inc. increased its stake in shares of Taubman Centers by 434.6% in the 3rd quarter. Cohen & Steers Inc. now owns 4,845,258 shares of the real estate investment trust’s stock worth $289,892,000 after acquiring an additional 3,938,892 shares in the last quarter. Cbre Clarion Securities LLC increased its stake in shares of Taubman Centers by 13.3% in the 2nd quarter. Cbre Clarion Securities LLC now owns 3,305,710 shares of the real estate investment trust’s stock worth $194,244,000 after acquiring an additional 389,099 shares in the last quarter. Finally, FMR LLC increased its stake in shares of Taubman Centers by 7.6% in the 2nd quarter. FMR LLC now owns 1,666,623 shares of the real estate investment trust’s stock worth $97,930,000 after acquiring an additional 117,876 shares in the last quarter.

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About Taubman Centers (NYSE:TCO)

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.

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