KeyCorp Weighs in on Taubman Centers, Inc.’s FY2018 Earnings (TCO)

Taubman Centers, Inc. (NYSE:TCO) – KeyCorp reduced their FY2018 earnings per share estimates for Taubman Centers in a note issued to investors on Tuesday, according to Zacks Investment Research. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings per share of $4.14 for the year, down from their prior estimate of $4.24.

Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Thursday, February 9th. The real estate investment trust reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.61. Taubman Centers had a negative return on equity of 618.56% and a net margin of 18.48%. The business had revenue of $166.19 million for the quarter, compared to the consensus estimate of $160.88 million. During the same quarter last year, the business posted $0.98 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis.

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Earnings History and Estimates for Taubman Centers (NYSE:TCO)

Several other brokerages also recently commented on TCO. Zacks Investment Research downgraded shares of Taubman Centers from a “hold” rating to a “sell” rating in a report on Tuesday, January 3rd. Goldman Sachs Group Inc downgraded shares of Taubman Centers from a “buy” rating to a “neutral” rating and cut their price target for the company from $81.00 to $77.00 in a report on Wednesday, January 11th. Mizuho reiterated a “buy” rating on shares of Taubman Centers in a report on Friday, December 23rd. Morgan Stanley downgraded shares of Taubman Centers from an “overweight” rating to an “equal weight” rating and set a $71.00 price target on the stock. in a report on Thursday, February 16th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $70.00 price target on shares of Taubman Centers in a report on Monday. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Taubman Centers presently has an average rating of “Hold” and an average price target of $78.13.

Taubman Centers (NYSE:TCO) traded down 0.54% during midday trading on Thursday, reaching $66.28. The company’s stock had a trading volume of 254,822 shares. The firm has a market cap of $4.01 billion, a P/E ratio of 37.47 and a beta of 0.57. The firm has a 50 day moving average price of $65.87 and a 200 day moving average price of $70.43. Taubman Centers has a one year low of $62.67 and a one year high of $81.68.

The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were paid a $0.625 dividend. This is an increase from Taubman Centers’s previous quarterly dividend of $0.60. This represents a $2.50 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend was Monday, March 13th. Taubman Centers’s dividend payout ratio is currently 135.23%.

A number of institutional investors have recently modified their holdings of the company. Oakbrook Investments LLC increased its position in shares of Taubman Centers by 3.4% in the third quarter. Oakbrook Investments LLC now owns 3,025 shares of the real estate investment trust’s stock worth $225,000 after buying an additional 100 shares in the last quarter. State Treasurer State of Michigan increased its position in shares of Taubman Centers by 0.4% in the third quarter. State Treasurer State of Michigan now owns 24,300 shares of the real estate investment trust’s stock worth $1,808,000 after buying an additional 100 shares in the last quarter. US Bancorp DE increased its position in shares of Taubman Centers by 2.0% in the third quarter. US Bancorp DE now owns 6,750 shares of the real estate investment trust’s stock worth $502,000 after buying an additional 133 shares in the last quarter. Aperio Group LLC increased its position in shares of Taubman Centers by 1.0% in the third quarter. Aperio Group LLC now owns 15,472 shares of the real estate investment trust’s stock worth $1,151,000 after buying an additional 158 shares in the last quarter. Finally, Utah Retirement Systems increased its position in shares of Taubman Centers by 1.5% in the third quarter. Utah Retirement Systems now owns 13,803 shares of the real estate investment trust’s stock worth $1,027,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 99.87% 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 (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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