Taubman Centers, Inc. (TCO) Downgraded by Morgan Stanley
Morgan Stanley downgraded shares of Taubman Centers, Inc. (NYSE:TCO) from an equal weight rating to an underweight rating in a research note released on Monday, Marketbeat Ratings reports.
Several other research analysts have also recently issued reports on TCO. Deutsche Bank AG upped their price target on Taubman Centers from $68.00 to $71.00 and gave the company a hold rating in a report on Monday, May 22nd. ValuEngine cut Taubman Centers from a buy rating to a hold rating in a report on Friday, June 2nd. KeyCorp dropped their price target on Taubman Centers from $85.00 to $79.00 and set an overweight rating on the stock in a report on Wednesday, June 28th. BidaskClub raised Taubman Centers from a hold rating to a buy rating in a report on Friday, June 30th. Finally, Zacks Investment Research cut Taubman Centers from a hold rating to a sell rating in a report on Tuesday, July 4th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $71.00.
Taubman Centers (TCO) opened at 49.16 on Monday. Taubman Centers has a 52-week low of $49.14 and a 52-week high of $78.65. The stock has a market cap of $2.98 billion, a P/E ratio of 37.99 and a beta of 0.50. The firm’s 50-day moving average price is $53.35 and its 200 day moving average price is $59.84.
Taubman Centers (NYSE:TCO) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.02. The firm had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. Equities analysts predict that Taubman Centers will post $1.08 earnings per share for the current year.
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The company also recently announced 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 5.09%. The ex-dividend date of this dividend is Thursday, September 14th. Taubman Centers’s dividend payout ratio (DPR) is currently 193.80%.
In other news, Director Myron E. Ullman III bought 12,325 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were bought at an average cost of $56.90 per share, with a total value of $701,292.50. Following the purchase, the director now directly owns 16,646 shares in the company, valued at $947,157.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 31.20% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the business. Creative Planning raised its stake in Taubman Centers by 8.0% during the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock valued at $166,000 after purchasing an additional 206 shares during the period. Virtu KCG Holdings LLC acquired a new stake in Taubman Centers during the 2nd quarter valued at $227,000. Riverhead Capital Management LLC raised its stake in Taubman Centers by 83.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock valued at $262,000 after purchasing an additional 1,997 shares during the period. Shelton Capital Management acquired a new stake in Taubman Centers during the 2nd quarter valued at $269,000. Finally, LS Investment Advisors LLC raised its stake in Taubman Centers by 16.8% during the 2nd quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 692 shares during the period. 98.53% of the stock is currently owned by institutional investors.
Taubman Centers Company Profile
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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