Teachers Insurance & Annuity Association of America reduced its position in shares of Taubman Centers, Inc. (NYSE:TCO) by 22.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,709 shares of the real estate investment trust’s stock after selling 12,409 shares during the period. Teachers Insurance & Annuity Association of America owned approximately 0.07% of Taubman Centers worth $1,743,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in TCO. Geode Capital Management LLC grew its position in Taubman Centers by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 755,110 shares of the real estate investment trust’s stock worth $34,349,000 after buying an additional 53,984 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Taubman Centers by 174.6% during the first quarter. Quadrant Capital Group LLC now owns 670 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 426 shares in the last quarter. Rhumbline Advisers increased its position in shares of Taubman Centers by 1.0% in the first quarter. Rhumbline Advisers now owns 170,255 shares of the real estate investment trust’s stock worth $9,003,000 after purchasing an additional 1,687 shares during the last quarter. Comerica Bank increased its position in shares of Taubman Centers by 54.9% in the first quarter. Comerica Bank now owns 77,126 shares of the real estate investment trust’s stock worth $4,158,000 after purchasing an additional 27,336 shares during the last quarter. Finally, Texas Permanent School Fund increased its position in shares of Taubman Centers by 3.9% in the first quarter. Texas Permanent School Fund now owns 41,501 shares of the real estate investment trust’s stock worth $2,195,000 after purchasing an additional 1,541 shares during the last quarter. 99.63% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on TCO shares. Zacks Investment Research lowered shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Tuesday, May 21st. Mizuho set a $43.00 price objective on shares of Taubman Centers and gave the stock a “hold” rating in a report on Friday, July 26th. ValuEngine lowered shares of Taubman Centers from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 22nd. Citigroup set a $43.00 target price on Taubman Centers and gave the company a “hold” rating in a research note on Friday, June 28th. Finally, Deutsche Bank set a $60.00 price target on Taubman Centers and gave the company a “hold” rating in a research report on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Taubman Centers presently has an average rating of “Hold” and a consensus target price of $53.50.
NYSE TCO traded down $0.53 on Wednesday, reaching $43.30. 75,736 shares of the company’s stock traded hands, compared to its average volume of 547,309. The stock has a market cap of $2.52 billion, a PE ratio of 11.30, a P/E/G ratio of 2.79 and a beta of 0.71. Taubman Centers, Inc. has a 12 month low of $37.70 and a 12 month high of $62.73. The stock has a 50-day simple moving average of $40.07 and a 200 day simple moving average of $46.05.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings data on Thursday, July 25th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ 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 analysts’ expectations of $162.17 million. During the same period last year, the company posted $0.92 EPS. Taubman Centers’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts predict that Taubman Centers, Inc. will post 3.68 EPS for the current fiscal year.
The firm also recently declared a — dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.675 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a yield of 6.7%. Taubman Centers’s payout ratio is 70.50%.
In related news, Director Michael J. Embler acquired 5,000 shares of Taubman Centers stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $39.11 per share, with a total value of $195,550.00. Following the completion of the purchase, the director now owns 9,301 shares of the company’s stock, valued at $363,762.11. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 31.00% of the company’s stock.
Taubman Centers Company 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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