Meadow Creek Investment Management LLC lifted its stake in Taubman Centers, Inc. (NYSE:TCO) by 26.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,058 shares of the real estate investment trust’s stock after buying an additional 1,666 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Taubman Centers were worth $527,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in TCO. Crossmark Global Holdings Inc. purchased a new position in shares of Taubman Centers in the third quarter worth $370,000. Rhumbline Advisers lifted its holdings in shares of Taubman Centers by 5.8% in the third quarter. Rhumbline Advisers now owns 132,362 shares of the real estate investment trust’s stock worth $6,578,000 after buying an additional 7,277 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Taubman Centers by 12.0% in the third quarter. Bank of New York Mellon Corp now owns 865,821 shares of the real estate investment trust’s stock worth $43,031,000 after buying an additional 92,564 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Taubman Centers by 108.0% in the third quarter. Russell Investments Group Ltd. now owns 180,598 shares of the real estate investment trust’s stock worth $8,983,000 after buying an additional 93,777 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Taubman Centers by 44.3% in the third quarter. SG Americas Securities LLC now owns 24,986 shares of the real estate investment trust’s stock worth $1,242,000 after buying an additional 7,675 shares in the last quarter.
Shares of Taubman Centers stock opened at $56.03 on Friday. The stock has a market cap of $3,412.73, a price-to-earnings ratio of 62.26, a P/E/G ratio of 3.31 and a beta of 0.55. The company has a debt-to-equity ratio of -23.70, a quick ratio of 0.40 and a current ratio of 0.40. Taubman Centers, Inc. has a 12 month low of $44.78 and a 12 month high of $67.19.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be paid a dividend of $0.655 per share. This is an increase from Taubman Centers’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.62 dividend on an annualized basis and a yield of 4.68%. Taubman Centers’s dividend payout ratio is presently 291.11%.
In other Taubman Centers news, Director Craig M. Hatkoff sold 1,350 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $58.62, for a total transaction of $79,137.00. Following the transaction, the director now owns 6,013 shares in the company, valued at $352,482.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 31.20% of the stock is owned by corporate insiders.
Several equities analysts have recently commented on the stock. BMO Capital Markets raised shares of Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 target price on the stock in a report on Wednesday, December 13th. Zacks Investment Research downgraded shares of Taubman Centers from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Mizuho set a $63.00 target price on shares of Taubman Centers and gave the stock a “hold” rating in a report on Friday, February 16th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research note on Monday, February 12th. Finally, Sandler O’Neill set a $63.00 price target on shares of Taubman Centers and gave the company a “hold” rating in a research note on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $63.22.
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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