FY2017 EPS Estimates for Taubman Centers, Inc. Cut by Analyst (TCO)
Taubman Centers, Inc. (NYSE:TCO) – Jefferies Group cut their FY2017 EPS estimates for shares of Taubman Centers in a report released on Wednesday. Jefferies Group analyst O. Okusanya now anticipates that the real estate investment trust will post earnings per share of $3.67 for the year, down from their previous forecast of $3.69. Jefferies Group has a “Neutral” rating on the stock. Jefferies Group also issued estimates for Taubman Centers’ FY2019 earnings at $3.99 EPS.
Taubman Centers (NYSE:TCO) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, beating the consensus estimate of $0.84 by $0.02. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The company had revenue of $154.68 million for the quarter, compared to analysts’ expectations of $142.16 million. During the same period last year, the firm posted $1.04 earnings per share. Taubman Centers’s revenue was down 2.6% compared to the same quarter last year.
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Several other brokerages also recently weighed in on TCO. Zacks Investment Research downgraded Taubman Centers from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Morgan Stanley downgraded Taubman Centers from an “equal weight” rating to an “underweight” rating in a research note on Monday, September 18th. BidaskClub downgraded Taubman Centers from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. KeyCorp dropped their target price on Taubman Centers from $85.00 to $79.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 28th. Finally, BMO Capital Markets initiated coverage on Taubman Centers in a research note on Monday, September 11th. They set an “underperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $67.14.
Shares of Taubman Centers (NYSE TCO) opened at 50.12 on Monday. The company’s 50 day moving average price is $51.12 and its 200 day moving average price is $57.84. Taubman Centers has a 52-week low of $48.77 and a 52-week high of $78.65. The stock has a market capitalization of $3.04 billion, a PE ratio of 38.73 and a beta of 0.51.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a dividend of $0.625 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.50 annualized dividend and a yield of 4.99%. Taubman Centers’s payout ratio is presently 193.80%.
In other news, Director Myron E. Ullman III purchased 12,325 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were acquired at an average price of $56.90 per share, for a total transaction of $701,292.50. Following the purchase, the director now owns 16,646 shares in the company, valued at $947,157.40. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 31.20% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its stake in Taubman Centers by 1.3% during the 2nd quarter. BlackRock Inc. now owns 6,495,611 shares of the real estate investment trust’s stock valued at $386,814,000 after purchasing an additional 82,291 shares during the last quarter. State Street Corp grew its stake in Taubman Centers by 0.5% during the 2nd quarter. State Street Corp now owns 2,665,010 shares of the real estate investment trust’s stock valued at $158,705,000 after purchasing an additional 13,584 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Taubman Centers by 0.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,599,830 shares of the real estate investment trust’s stock valued at $171,641,000 after purchasing an additional 16,247 shares during the last quarter. Citigroup Inc. grew its stake in Taubman Centers by 2.1% during the 2nd quarter. Citigroup Inc. now owns 2,147,396 shares of the real estate investment trust’s stock valued at $127,878,000 after purchasing an additional 44,342 shares during the last quarter. Finally, Madison International Realty Holdings LLC grew its stake in Taubman Centers by 12.5% during the 1st quarter. Madison International Realty Holdings LLC now owns 1,449,837 shares of the real estate investment trust’s stock valued at $95,718,000 after purchasing an additional 161,200 shares during the last quarter.
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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