Taubman Centers Inc. (TCO) Shares Sold by Retirement Systems of Alabama
Retirement Systems of Alabama cut its stake in Taubman Centers Inc. (NYSE:TCO) by 25.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 197,825 shares of the real estate investment trust’s stock after selling 66,015 shares during the period. Retirement Systems of Alabama’s holdings in Taubman Centers were worth $14,720,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV increased its position in Taubman Centers by 18.4% in the third quarter. KBC Group NV now owns 28,628 shares of the real estate investment trust’s stock valued at $2,130,000 after buying an additional 4,456 shares during the period. State Treasurer State of Michigan increased its position in shares of Taubman Centers by 0.4% in the third quarter. State Treasurer State of Michigan now owns 24,300 shares of the real estate investment trust’s stock worth $1,808,000 after buying an additional 100 shares during the last quarter. Aperio Group LLC increased its position in shares of Taubman Centers by 1.0% in the third quarter. Aperio Group LLC now owns 15,472 shares of the real estate investment trust’s stock worth $1,151,000 after buying an additional 158 shares during the last quarter. Quantitative Investment Management LLC bought a new position in shares of Taubman Centers during the third quarter worth approximately $1,086,000. Finally, First Trust Advisors LP increased its position in shares of Taubman Centers by 13.1% in the third quarter. First Trust Advisors LP now owns 31,012 shares of the real estate investment trust’s stock worth $2,308,000 after buying an additional 3,596 shares during the last quarter. 98.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of Taubman Centers Inc. (NYSE:TCO) traded up 0.19% during mid-day trading on Tuesday, hitting $73.90. 63,204 shares of the stock were exchanged. The firm has a 50-day moving average price of $72.14 and a 200 day moving average price of $74.02. Taubman Centers Inc. has a 12-month low of $63.32 and a 12-month high of $81.68. The company has a market capitalization of $4.47 billion, a PE ratio of 43.17 and a beta of 0.61.
Taubman Centers (NYSE:TCO) last announced its earnings results on Tuesday, November 1st. The real estate investment trust reported $0.94 EPS for the quarter, topping the consensus estimate of $0.90 by $0.04. The firm had revenue of $148.02 million for the quarter, compared to the consensus estimate of $149.43 million. Taubman Centers had a net margin of 18.19% and a return on equity of 370.66%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the company posted $0.89 EPS. On average, equities research analysts expect that Taubman Centers Inc. will post $3.84 earnings per share for the current year.
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A number of research analysts recently commented on TCO shares. TheStreet downgraded shares of Taubman Centers from a “buy” rating to a “hold” rating in a research report on Tuesday, November 1st. Jefferies Group boosted their price objective on shares of Taubman Centers from $73.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, August 31st. Morgan Stanley set a $81.00 price objective on shares of Taubman Centers and gave the company a “buy” rating in a research report on Thursday, August 11th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Taubman Centers in a research report on Tuesday, August 2nd. Finally, Goldman Sachs Group Inc. raised shares of Taubman Centers from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $87.00 in a research report on Wednesday, September 28th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $82.60.
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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