MEAG MUNICH ERGO AssetManagement GmbH boosted its stake in Taubman Centers, Inc. (NYSE:TCO) by 7.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 253,300 shares of the real estate investment trust’s stock after buying an additional 16,500 shares during the period. Taubman Centers makes up approximately 7.4% of MEAG MUNICH ERGO AssetManagement GmbH’s portfolio, making the stock its 7th largest position. MEAG MUNICH ERGO AssetManagement GmbH owned approximately 0.42% of Taubman Centers worth $15,083,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clarkston Capital Partners LLC purchased a new position in shares of Taubman Centers during the first quarter valued at $396,000. Malaga Cove Capital LLC increased its position in shares of Taubman Centers by 124.2% in the first quarter. Malaga Cove Capital LLC now owns 18,814 shares of the real estate investment trust’s stock valued at $1,240,000 after buying an additional 10,423 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Taubman Centers by 1,286.0% in the first quarter. ProShare Advisors LLC now owns 302,879 shares of the real estate investment trust’s stock valued at $1,427,000 after buying an additional 281,026 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of Taubman Centers by 1.1% in the first quarter. Nationwide Fund Advisors now owns 197,276 shares of the real estate investment trust’s stock valued at $13,024,000 after buying an additional 2,228 shares in the last quarter. Finally, Loeb Partners Corp increased its position in shares of Taubman Centers by 27.0% in the first quarter. Loeb Partners Corp now owns 12,700 shares of the real estate investment trust’s stock valued at $838,000 after buying an additional 2,700 shares in the last quarter. 98.73% of the stock is owned by institutional investors.
Shares of Taubman Centers, Inc. (NYSE TCO) opened at 54.95 on Friday. Taubman Centers, Inc. has a 12 month low of $54.00 and a 12 month high of $80.86. The stock has a market capitalization of $3.34 billion, a PE ratio of 42.47 and a beta of 0.49. The stock’s 50 day moving average is $58.75 and its 200 day moving average is $63.22.
Taubman Centers (NYSE:TCO) last posted its quarterly 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 for the quarter, compared to analyst estimates of $142.16 million. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. Taubman Centers’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 earnings per share. Analysts anticipate that Taubman Centers, Inc. will post $1.15 earnings per share for the current fiscal year.
Several research analysts have commented on the stock. Zacks Investment Research raised shares of Taubman Centers from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Jefferies Group LLC reissued a “hold” rating and set a $70.00 price objective on shares of Taubman Centers in a report on Monday, April 17th. BidaskClub raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. KeyCorp dropped their price objective on shares of Taubman Centers from $85.00 to $79.00 and set an “overweight” rating for the company in a report on Wednesday, June 28th. Finally, Deutsche Bank AG increased their price objective on shares of Taubman Centers from $68.00 to $71.00 and gave the company a “hold” rating in a report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. Taubman Centers presently has an average rating of “Hold” and an average target price of $73.57.
In other Taubman Centers news, Director Myron E. Ullman III purchased 12,325 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the transaction, the director now owns 16,646 shares of the company’s stock, valued at approximately $947,157.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 31.20% 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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