Investment analysts at BMO Capital Markets began coverage on shares of Taubman Centers, Inc. (NYSE:TCO) in a report issued on Monday. The brokerage set an “underperform” rating on the real estate investment trust’s stock.
Several other analysts have also recently issued reports on the company. Zacks Investment Research upgraded Taubman Centers from a “sell” rating to a “hold” rating in a research note on Monday, August 28th. BidaskClub cut Taubman Centers from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Boenning Scattergood restated a “hold” rating on shares of Taubman Centers in a research note on Monday, July 31st. KeyCorp cut their price target on Taubman Centers from $85.00 to $79.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $56.00 price target (down from $71.00) on shares of Taubman Centers in a research note on Saturday, June 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.00.
Taubman Centers (TCO) opened at 51.91 on Monday. Taubman Centers has a 52-week low of $50.72 and a 52-week high of $78.65. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 40.12 and a beta of 0.50. The stock has a 50 day moving average price of $54.74 and a 200 day moving average price of $60.62.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings data 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. The business had revenue of $154.68 million for the quarter, compared to analysts’ expectations of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the firm earned $1.04 earnings per share. On average, equities analysts expect that Taubman Centers will post $1.08 earnings per share for the current year.
In other Taubman Centers news, Director Myron E. Ullman III purchased 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, for a total transaction of $701,292.50. Following the completion of the purchase, the director now directly owns 16,646 shares in the company, valued at $947,157.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 31.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning increased its position in shares of Taubman Centers by 8.0% during the second quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock worth $166,000 after purchasing an additional 206 shares in the last quarter. Virtu KCG Holdings LLC acquired a new stake in shares of Taubman Centers during the second quarter worth about $227,000. Riverhead Capital Management LLC increased its position in shares of Taubman Centers by 83.2% during the second quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 1,997 shares in the last quarter. Shelton Capital Management acquired a new stake in shares of Taubman Centers during the second quarter worth about $269,000. Finally, Daiwa Securities Group Inc. increased its position in shares of Taubman Centers by 37.1% during the first quarter. Daiwa Securities Group Inc. now owns 4,800 shares of the real estate investment trust’s stock worth $317,000 after purchasing an additional 1,300 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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