Taubman Centers’ (TCO) Hold Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reissued their hold rating on shares of Taubman Centers (NYSE:TCO) in a report released on Tuesday morning. BMO Capital Markets currently has a $62.00 price objective on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on the company. Morgan Stanley downgraded Taubman Centers from an equal weight rating to an underweight rating in a research report on Monday, September 18th. Zacks Investment Research downgraded Taubman Centers from a hold rating to a sell rating in a research report on Monday, October 30th. Boenning Scattergood reiterated a hold rating on shares of Taubman Centers in a research report on Friday, November 3rd. Mizuho reiterated a neutral rating on shares of Taubman Centers in a research report on Wednesday, November 8th. Finally, Jefferies Group reiterated a neutral rating on shares of Taubman Centers in a research report on Friday, October 13th. Two 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. Taubman Centers has a consensus rating of Hold and an average target price of $66.50.

Taubman Centers (NYSE TCO) traded down $0.68 on Tuesday, hitting $61.34. The company had a trading volume of 941,454 shares, compared to its average volume of 1,296,686. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of -21.77. The firm has a market capitalization of $3,720.00, a price-to-earnings ratio of 57.87, a P/E/G ratio of 5.02 and a beta of 0.61. Taubman Centers has a fifty-two week low of $44.78 and a fifty-two week high of $73.88.

Taubman Centers (NYSE:TCO) last released its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.06). Taubman Centers had a return on equity of 66.09% and a net margin of 0.34%. The business had revenue of $153.20 million for the quarter, compared to analysts’ expectations of $155.95 million. During the same quarter last year, the company posted $0.94 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. research analysts forecast that Taubman Centers will post 3.7 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a $0.625 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.08%. Taubman Centers’s dividend payout ratio (DPR) is 235.85%.

In other news, COO William S. Taubman sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $62.68, for a total value of $2,193,800.00. Following the transaction, the chief operating officer now directly owns 67,633 shares in the company, valued at approximately $4,239,236.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Cornelia Connelly Marakovits acquired 4,000 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was purchased at an average price of $63.35 per share, for a total transaction of $253,400.00. Following the completion of the acquisition, the director now owns 7,403 shares in the company, valued at $468,980.05. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 93,318 shares of company stock worth $5,849,897. Company insiders own 31.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Taubman Centers by 1.3% in the 2nd quarter. BlackRock Inc. now owns 6,495,611 shares of the real estate investment trust’s stock worth $386,814,000 after purchasing an additional 82,291 shares during the period. State Street Corp raised its holdings 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 period. Citigroup Inc. raised its holdings 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 period. Land & Buildings Investment Management LLC raised its holdings 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 period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Taubman Centers by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 923,894 shares of the real estate investment trust’s stock worth $45,919,000 after purchasing an additional 28,282 shares during the period.

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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.

Analyst Recommendations for Taubman Centers (NYSE:TCO)

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