Alps Advisors Inc. lessened its holdings in Taubman Centers, Inc. (NYSE:TCO) by 60.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,542 shares of the real estate investment trust’s stock after selling 5,375 shares during the period. Alps Advisors Inc.’s holdings in Taubman Centers were worth $232,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. purchased a new stake in Taubman Centers during the first quarter valued at about $127,000. World Asset Management Inc purchased a new stake in Taubman Centers during the second quarter valued at about $210,000. Fox Run Management L.L.C. purchased a new stake in Taubman Centers during the second quarter valued at about $215,000. GSA Capital Partners LLP purchased a new stake in Taubman Centers during the first quarter valued at about $254,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Taubman Centers during the first quarter valued at about $261,000.
Several research firms have issued reports on TCO. Zacks Investment Research upgraded shares of Taubman Centers from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Jefferies Financial Group restated a “hold” rating and set a $63.00 price target on shares of Taubman Centers in a research report on Wednesday, September 5th. Evercore ISI downgraded shares of Taubman Centers from an “in-line” rating to an “underperform” rating and set a $63.00 price objective for the company. in a research note on Monday, September 10th. They noted that the move was a valuation call. Citigroup upped their price objective on shares of Taubman Centers from $61.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Finally, Bank of America upped their price objective on shares of Taubman Centers from $60.00 to $66.00 and gave the company a “neutral” rating in a research note on Monday, August 13th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $62.19.
TCO stock traded down $0.01 during trading on Friday, reaching $55.39. The company had a trading volume of 533,273 shares, compared to its average volume of 640,000. Taubman Centers, Inc. has a 52 week low of $44.78 and a 52 week high of $66.61. The company has a market cap of $3.65 billion, a P/E ratio of 14.97, a PEG ratio of 4.10 and a beta of 0.54. The company has a debt-to-equity ratio of -18.16, a current ratio of 0.39 and a quick ratio of 0.39.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Monday, July 30th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.03. Taubman Centers had a net margin of 11.95% and a negative return on equity of 41.96%. The company had revenue of $152.76 million during the quarter, compared to the consensus estimate of $151.94 million. During the same period in the prior year, the firm earned $0.86 earnings per share. Taubman Centers’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts expect that Taubman Centers, Inc. will post 3.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Monday, September 17th were paid a dividend of $0.655 per share. This represents a $2.62 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date was Friday, September 14th. Taubman Centers’s dividend payout ratio is 70.81%.
Taubman Centers 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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