Nationwide Fund Advisors Increases Stake in Taubman Centers Inc. (TCO)
Nationwide Fund Advisors raised its position in Taubman Centers Inc. (NYSE:TCO) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,692 shares of the real estate investment trust’s stock after buying an additional 2,317 shares during the period. Nationwide Fund Advisors owned about 0.18% of Taubman Centers worth $8,288,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Americafirst Capital Management LLC acquired a new position in shares of Taubman Centers during the second quarter worth approximately $103,000. Checchi Capital Advisers LLC raised its position in shares of Taubman Centers by 1.0% in the second quarter. Checchi Capital Advisers LLC now owns 1,756 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 18 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Taubman Centers by 4.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,200 shares of the real estate investment trust’s stock worth $163,000 after buying an additional 100 shares during the period. Oakbrook Investments LLC acquired a new position in shares of Taubman Centers during the second quarter worth approximately $217,000. Finally, BlackRock Japan Co. Ltd raised its position in shares of Taubman Centers by 0.7% in the first quarter. BlackRock Japan Co. Ltd now owns 3,180 shares of the real estate investment trust’s stock worth $227,000 after buying an additional 22 shares during the period. Institutional investors own 96.95% of the company’s stock.
Taubman Centers Inc. (NYSE:TCO) traded down 0.77% during midday trading on Wednesday, hitting $73.21. 208,974 shares of the stock traded hands. The stock’s 50-day moving average price is $77.68 and its 200-day moving average price is $73.28. Taubman Centers Inc. has a 52 week low of $63.32 and a 52 week high of $81.68. The stock has a market capitalization of $4.42 billion, a P/E ratio of 38.53 and a beta of 0.91.
Taubman Centers (NYSE:TCO) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $1.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.05. Taubman Centers had a net margin of 21.45% and a return on equity of 173.60%. The company had revenue of $158.90 million for the quarter, compared to analyst estimates of $147.45 million. During the same quarter last year, the firm earned $0.76 EPS. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. Equities research analysts expect that Taubman Centers Inc. will post $3.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a dividend of $0.595 per share. This represents a $2.38 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Tuesday, September 13th. Taubman Centers’s dividend payout ratio is currently 126.60%.
A number of equities analysts have recently commented on the stock. Mizuho reiterated a “buy” rating on shares of Taubman Centers in a report on Thursday, May 26th. Morgan Stanley set a $81.00 price target on shares of Taubman Centers and gave the stock a “buy” rating in a report on Thursday, August 11th. Zacks Investment Research upgraded shares of Taubman Centers from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a report on Monday, July 18th. Jefferies Group lifted their price target on shares of Taubman Centers from $73.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. Finally, BTIG Research initiated coverage on shares of Taubman Centers in a report on Thursday, August 25th. They set a “neutral” rating on the stock. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Taubman Centers presently has a consensus rating of “Buy” and an average price target of $83.75.
About Taubman Centers
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 (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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