Taubman Centers, Inc. (NYSE:TCO) – Jefferies Group decreased their FY2019 earnings per share (EPS) estimates for Taubman Centers in a report released on Tuesday. Jefferies Group analyst O. Okusanya now forecasts that the real estate investment trust will earn $3.91 per share for the year, down from their previous forecast of $3.93. Jefferies Group currently has a “Neutral” rating on the stock.
Several other analysts also recently issued reports on the company. Zacks Investment Research downgraded Taubman Centers from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. BMO Capital Markets reissued a “hold” rating and issued a $62.00 price target on shares of Taubman Centers in a report on Tuesday, January 9th. Mizuho reissued a “neutral” rating on shares of Taubman Centers in a report on Wednesday, November 8th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research note on Friday, November 3rd. Finally, JPMorgan Chase & Co. downgraded Taubman Centers from an “overweight” rating to a “neutral” rating and cut their target price for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $65.00.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.06). The company had revenue of $153.20 million during the quarter, compared to the consensus estimate of $155.95 million. Taubman Centers had a negative return on equity of 75.87% and a net margin of 13.21%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS.
A number of institutional investors have recently made changes to their positions in the business. Virtu KCG Holdings LLC bought a new stake in shares of Taubman Centers in the 2nd quarter worth $227,000. Creative Planning bought a new stake in shares of Taubman Centers in the 4th quarter worth $240,000. Riverhead Capital Management LLC raised its stake in shares of Taubman Centers by 83.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after buying an additional 1,997 shares in the last quarter. Shelton Capital Management bought a new stake in shares of Taubman Centers in the 2nd quarter worth $269,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Taubman Centers in the 3rd quarter worth $368,000.
In other Taubman Centers news, CEO Robert S. Taubman sold 58,000 shares of Taubman Centers stock in a transaction on 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 sale, the chief executive officer now owns 16,953 shares of the company’s stock, valued at approximately $1,062,614.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO William S. Taubman sold 35,000 shares of Taubman Centers stock in a transaction on 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 sale, the chief operating officer now directly owns 67,633 shares in the company, valued at approximately $4,239,236.44. The disclosure for this sale can be found here. Insiders have sold a total of 93,318 shares of company stock worth $5,849,897 in the last ninety days. 31.20% of the stock is owned by company insiders.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 4.05%. The ex-dividend date was Thursday, December 14th. Taubman Centers’s payout ratio is currently 235.85%.
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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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