Taubman Centers, Inc. (TCO) Sees Significant Increase in Short Interest

Taubman Centers, Inc. (NYSE:TCO) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 6,525,000 shares, a growth of 45.6% from the November 15th total of 4,480,393 shares. Based on an average daily volume of 1,334,893 shares, the short-interest ratio is currently 4.9 days. Approximately 11.1% of the shares of the company are sold short.

Shares of Taubman Centers (TCO) opened at $63.64 on Friday. The company has a debt-to-equity ratio of -21.77, a current ratio of 0.35 and a quick ratio of 0.35. The company has a market capitalization of $3,955.43, a PE ratio of 18.00, a P/E/G ratio of 5.26 and a beta of 0.62. Taubman Centers has a 52-week low of $44.78 and a 52-week high of $76.79.

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

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.625 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.93%. Taubman Centers’s dividend payout ratio is currently 238.10%.

In other Taubman Centers news, CEO Robert S. Taubman sold 58,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $62.68, for a total transaction of $3,635,440.00. Following the completion of the sale, the chief executive officer now owns 16,953 shares of the company’s stock, valued at $1,062,614.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO William S. Taubman sold 35,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total value of $2,193,800.00. Following the completion of the transaction, the chief operating officer now owns 67,633 shares in the company, valued at $4,239,236.44. The disclosure for this sale can be found here. Insiders have sold 93,318 shares of company stock valued at $5,849,897 in the last three months. 31.20% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Land & Buildings Investment Management LLC lifted its position in shares of Taubman Centers by 14.5% in the third 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 buying an additional 133,100 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Taubman Centers by 8.0% in the second quarter. Prudential Financial Inc. now owns 1,262,304 shares of the real estate investment trust’s stock worth $75,170,000 after buying an additional 94,011 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Taubman Centers by 50.0% in the second quarter. Canada Pension Plan Investment Board now owns 10,500 shares of the real estate investment trust’s stock worth $625,000 after buying an additional 3,500 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Taubman Centers by 14.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 608,233 shares of the real estate investment trust’s stock worth $36,221,000 after buying an additional 77,353 shares in the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in shares of Taubman Centers by 41.7% in the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 182,413 shares of the real estate investment trust’s stock worth $9,207,000 after buying an additional 53,713 shares in the last quarter.

Several equities analysts have recently commented on the company. BMO Capital Markets upgraded Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 price objective on the stock in a research report on Wednesday, December 13th. J P Morgan Chase & Co downgraded Taubman Centers from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $64.00 to $57.00 in a research report on Tuesday, September 26th. Jefferies Group restated a “hold” rating and issued a $57.00 price objective on shares of Taubman Centers in a research report on Tuesday, September 26th. Zacks Investment Research downgraded Taubman Centers from a “hold” rating to a “sell” rating in a research report on Tuesday, October 24th. Finally, Mizuho restated 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 given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $64.75.

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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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