Taubman Centers Inc. (NYSE:TCO) was upgraded by stock analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a report issued on Wednesday.
Other research analysts have also issued reports about the company. Morgan Stanley set a $81.00 target price on Taubman Centers and gave the stock a “buy” rating in a research report on Thursday, August 11th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Taubman Centers in a research report on Tuesday, August 2nd. Zacks Investment Research lowered Taubman Centers from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. TheStreet raised Taubman Centers from a “hold” rating to a “buy” rating in a research report on Friday, July 1st. Finally, Citigroup Inc. upped their target price on Taubman Centers from $76.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, August 5th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Taubman Centers presently has an average rating of “Buy” and an average price target of $83.75.
Taubman Centers (NYSE:TCO) opened at 75.50 on Wednesday. The stock’s 50 day moving average price is $77.19 and its 200 day moving average price is $73.42. The firm has a market cap of $4.56 billion, a P/E ratio of 39.74 and a beta of 0.91. Taubman Centers has a 1-year low of $63.32 and a 1-year high of $81.68.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $158.90 million for the quarter, compared to analyst estimates of $147.45 million. Taubman Centers had a return on equity of 173.60% and a net margin of 21.45%. Taubman Centers’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 earnings per share. Equities research analysts predict that Taubman Centers will post $3.75 EPS for the current 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 paid a dividend of $0.595 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.38 annualized dividend and a yield of 3.15%. Taubman Centers’s payout ratio is 126.60%.
A number of hedge funds have recently made changes to their positions in TCO. Mason Street Advisors LLC acquired a new stake in shares of Taubman Centers during the second quarter valued at $2,042,000. Schwab Charles Investment Management Inc. increased its stake in shares of Taubman Centers by 13.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 420,865 shares of the real estate investment trust’s stock valued at $31,229,000 after buying an additional 50,312 shares during the last quarter. Amalgamated Bank increased its stake in shares of Taubman Centers by 21.1% in the second quarter. Amalgamated Bank now owns 9,101 shares of the real estate investment trust’s stock valued at $711,000 after buying an additional 1,588 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Taubman Centers by 11.0% in the second quarter. Legal & General Group Plc now owns 139,580 shares of the real estate investment trust’s stock valued at $10,357,000 after buying an additional 13,813 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of Taubman Centers by 3.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 61,147 shares of the real estate investment trust’s stock valued at $4,537,000 after buying an additional 2,262 shares during the last quarter. Hedge funds and other institutional investors own 96.95% of the company’s stock.
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 (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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