BMO Capital Markets Begins Coverage on Taubman Centers, Inc. (TCO)
BMO Capital Markets started coverage on shares of Taubman Centers, Inc. (NYSE:TCO) in a report released on Monday. The brokerage issued an underperform rating on the real estate investment trust’s stock.
Several other research firms also recently issued reports on TCO. Zacks Investment Research downgraded shares of Taubman Centers from a hold rating to a sell rating in a research report on Tuesday, July 4th. BidaskClub raised shares of Taubman Centers from a hold rating to a buy rating in a research report on Wednesday, July 19th. KeyCorp reduced their price target on shares of Taubman Centers from $85.00 to $79.00 and set an overweight rating for the company in a research report on Wednesday, June 28th. Deutsche Bank AG lifted their price target on shares of Taubman Centers from $68.00 to $71.00 and gave the company a hold rating in a research report on Monday, May 22nd. Finally, ValuEngine downgraded shares of Taubman Centers from a buy rating to a hold rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. Taubman Centers presently has an average rating of Hold and a consensus price target of $71.00.
Shares of Taubman Centers (NYSE TCO) opened at 52.97 on Monday. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 40.94 and a beta of 0.50. The stock has a 50 day moving average of $54.00 and a 200-day moving average of $60.38. Taubman Centers has a 12 month low of $50.72 and a 12 month high of $78.65.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The business had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. During the same quarter last year, the firm posted $1.04 EPS. Taubman Centers’s revenue was down 2.6% compared to the same quarter last year. On average, analysts forecast that Taubman Centers will post $1.08 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend is Thursday, September 14th. Taubman Centers’s dividend payout ratio (DPR) is presently 193.80%.
In related news, Director Myron E. Ullman III acquired 12,325 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were acquired at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the purchase, the director now owns 16,646 shares in the company, valued at $947,157.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 31.20% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the business. Prudential Financial Inc. lifted its stake in Taubman Centers by 8.0% during the 2nd quarter. Prudential Financial Inc. now owns 1,262,304 shares of the real estate investment trust’s stock valued at $75,170,000 after acquiring an additional 94,011 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Taubman Centers by 9.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 530,880 shares of the real estate investment trust’s stock valued at $35,049,000 after acquiring an additional 43,795 shares in the last quarter. Madison International Realty Holdings LLC lifted its stake in Taubman Centers by 12.5% during the 1st quarter. Madison International Realty Holdings LLC now owns 1,449,837 shares of the real estate investment trust’s stock valued at $95,718,000 after acquiring an additional 161,200 shares in the last quarter. Bank of Montreal Can lifted its stake in Taubman Centers by 184.1% during the 2nd quarter. Bank of Montreal Can now owns 254,238 shares of the real estate investment trust’s stock valued at $15,140,000 after acquiring an additional 164,759 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Taubman Centers by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 9,465,848 shares of the real estate investment trust’s stock valued at $624,935,000 after acquiring an additional 202,444 shares in the last quarter. Institutional investors and hedge funds own 98.53% of the company’s stock.
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 (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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