Insider Buying: Taubman Centers, Inc. (TCO) Director Acquires $253,400.00 in Stock

Taubman Centers, Inc. (NYSE:TCO) Director Cornelia Connelly Marakovits bought 4,000 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was bought at an average cost of $63.35 per share, for a total transaction of $253,400.00. Following the completion of the purchase, the director now directly owns 7,403 shares of the company’s stock, valued at $468,980.05. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Shares of Taubman Centers, Inc. (TCO) opened at $64.11 on Thursday. The firm has a market cap of $3,955.43, a price-to-earnings ratio of 18.00, a P/E/G ratio of 5.26 and a beta of 0.62. Taubman Centers, Inc. has a fifty-two week low of $44.78 and a fifty-two week high of $76.79. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of -21.77.

Taubman Centers (NYSE:TCO) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.83 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.06). The firm had revenue of $153.20 million for the quarter, compared to analysts’ expectations of $155.95 million. Taubman Centers had a net margin of 13.21% and a negative return on equity of 75.87%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 EPS. equities analysts expect that Taubman Centers, Inc. will post 3.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, December 14th. Taubman Centers’s dividend payout ratio is currently 238.10%.

A number of equities research analysts recently weighed in on TCO shares. Zacks Investment Research downgraded shares of Taubman Centers from a “hold” rating to a “sell” rating in a research note on Monday, October 30th. J P Morgan Chase & Co cut shares of Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $64.00 to $57.00 in a research report on Tuesday, September 26th. BMO Capital Markets assumed coverage on shares of Taubman Centers in a research report on Monday, September 11th. They set an “underperform” rating on the stock. Morgan Stanley cut shares of Taubman Centers from an “equal weight” rating to an “underweight” rating in a research report on Monday, September 18th. Finally, Mizuho reiterated a “neutral” rating on shares of Taubman Centers in a research report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $64.75.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Taubman Centers by 1.3% during the second quarter. BlackRock Inc. now owns 6,495,611 shares of the real estate investment trust’s stock valued at $386,814,000 after buying an additional 82,291 shares during the period. State Street Corp raised its position in shares of Taubman Centers by 0.5% in the 2nd quarter. State Street Corp now owns 2,665,010 shares of the real estate investment trust’s stock worth $158,705,000 after purchasing an additional 13,584 shares during the last quarter. Citigroup Inc. raised its position in shares of Taubman Centers by 2.1% in the 2nd quarter. Citigroup Inc. now owns 2,147,396 shares of the real estate investment trust’s stock worth $127,878,000 after purchasing an additional 44,342 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Taubman Centers by 8.0% in the 2nd quarter. Prudential Financial Inc. now owns 1,262,304 shares of the real estate investment trust’s stock worth $75,170,000 after purchasing an additional 94,011 shares during the last quarter. Finally, Land & Buildings Investment Management LLC raised its position in shares of Taubman Centers by 14.5% in the 3rd quarter. Land & Buildings Investment Management LLC now owns 1,053,547 shares of the real estate investment trust’s stock worth $52,361,000 after purchasing an additional 133,100 shares during the last quarter.

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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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