Taubman Centers (TCO) Upgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley upgraded shares of Taubman Centers (NYSE:TCO) from an underweight rating to an equal weight rating in a report issued on Sunday. Morgan Stanley currently has $50.85 price objective on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the company. Sandler O’Neill upgraded Taubman Centers from a hold rating to a buy rating and raised their price objective for the company from $58.00 to $64.00 in a research note on Monday, October 22nd. BMO Capital Markets restated a hold rating and set a $62.00 price objective on shares of Taubman Centers in a research note on Monday, October 29th. Zacks Investment Research upgraded Taubman Centers from a sell rating to a hold rating in a research note on Monday, November 26th. Citigroup dropped their price objective on Taubman Centers from $66.00 to $57.00 and set a hold rating on the stock in a research note on Wednesday, November 21st. Finally, Jefferies Financial Group restated a hold rating and set a $63.00 price objective on shares of Taubman Centers in a research note on Wednesday, September 5th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. Taubman Centers presently has an average rating of Hold and a consensus price target of $60.79.

NYSE TCO opened at $52.94 on Friday. Taubman Centers has a 12-month low of $49.84 and a 12-month high of $66.61. The firm has a market capitalization of $3.23 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 5.11 and a beta of 0.64.

Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.52). Taubman Centers had a net margin of 14.42% and a negative return on equity of 45.76%. The company had revenue of $159.12 million for the quarter, compared to the consensus estimate of $159.68 million. During the same quarter last year, the business posted $0.83 earnings per share. Taubman Centers’s revenue was up 3.9% on a year-over-year basis. Equities analysts forecast that Taubman Centers will post 3.79 earnings per share for the current year.

In other Taubman Centers news, Director Jonathan Litt bought 1,000 shares of the stock in a transaction dated Monday, November 5th. The shares were bought at an average cost of $54.32 per share, for a total transaction of $54,320.00. Following the purchase, the director now directly owns 3,653 shares of the company’s stock, valued at approximately $198,430.96. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have bought a total of 2,250 shares of company stock worth $122,363 over the last quarter. Company insiders own 31.20% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Taubman Centers by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,930,867 shares of the real estate investment trust’s stock worth $534,334,000 after purchasing an additional 63,557 shares during the period. BlackRock Inc. raised its stake in shares of Taubman Centers by 2.0% during the 3rd quarter. BlackRock Inc. now owns 7,078,007 shares of the real estate investment trust’s stock worth $423,477,000 after purchasing an additional 141,423 shares during the period. Cohen & Steers Inc. raised its stake in shares of Taubman Centers by 434.6% during the 3rd quarter. Cohen & Steers Inc. now owns 4,845,258 shares of the real estate investment trust’s stock worth $289,892,000 after purchasing an additional 3,938,892 shares during the period. Cbre Clarion Securities LLC raised its stake in shares of Taubman Centers by 13.3% during the 2nd quarter. Cbre Clarion Securities LLC now owns 3,305,710 shares of the real estate investment trust’s stock worth $194,244,000 after purchasing an additional 389,099 shares during the period. Finally, FMR LLC raised its stake in shares of Taubman Centers by 7.6% during the 2nd quarter. FMR LLC now owns 1,666,623 shares of the real estate investment trust’s stock worth $97,930,000 after purchasing an additional 117,876 shares during the period.

Taubman Centers Company Profile

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.

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