Taubman Centers, Inc. (NYSE:TCO) – Analysts at KeyCorp dropped their FY2019 earnings per share (EPS) estimates for Taubman Centers in a report issued on Thursday, December 27th, Zacks Investment Research reports. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings of $3.71 per share for the year, down from their previous forecast of $3.82. KeyCorp has a “Buy” rating and a $69.00 price target on the stock.
Several other analysts have also recently commented on TCO. Zacks Investment Research cut Taubman Centers from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. Citigroup reduced their price target on Taubman Centers from $66.00 to $57.00 and set a “hold” rating for the company in a report on Wednesday, November 21st. ValuEngine cut Taubman Centers from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. BMO Capital Markets reissued a “hold” rating and issued a $62.00 price target on shares of Taubman Centers in a report on Monday, October 29th. Finally, Scotiabank started coverage on Taubman Centers in a research report on Tuesday, October 16th. They set an “underperform” rating for the company. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. Taubman Centers has a consensus rating of “Hold” and a consensus target price of $60.80.
TCO opened at $50.08 on Friday. The company has a market capitalization of $3.04 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 4.91 and a beta of 0.75. Taubman Centers has a 12 month low of $43.44 and a 12 month high of $65.50.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.52). The company had revenue of $159.12 million for the quarter, compared to analyst estimates of $159.68 million. Taubman Centers had a negative return on equity of 45.76% and a net margin of 14.42%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Monday, December 31st. Investors of record on Monday, December 17th were issued a $0.655 dividend. This represents a $2.62 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date was Friday, December 14th. Taubman Centers’s dividend payout ratio is currently 70.81%.
In other news, Director Jonathan Litt purchased 1,000 shares of Taubman Centers stock in a transaction dated Thursday, November 1st. The shares were bought at an average cost of $55.21 per share, with a total value of $55,210.00. Following the completion of the transaction, the director now directly owns 2,653 shares in the company, valued at approximately $146,472.13. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders acquired 2,250 shares of company stock worth $122,363. Insiders own 31.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in TCO. First Hawaiian Bank boosted its holdings in Taubman Centers by 147.2% in the 4th quarter. First Hawaiian Bank now owns 1,137 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 677 shares during the period. Commonwealth Bank of Australia acquired a new position in Taubman Centers in the 3rd quarter valued at approximately $179,000. Klingenstein Fields & Co. LLC acquired a new position in Taubman Centers in the 3rd quarter valued at approximately $216,000. Oakbrook Investments LLC bought a new stake in shares of Taubman Centers in the 3rd quarter valued at $243,000. Finally, Advisors Asset Management Inc. bought a new stake in shares of Taubman Centers in the 3rd quarter valued at $244,000.
About Taubman Centers
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.