Boenning Scattergood Comments on Taubman Centers, Inc.’s Q4 2018 Earnings (TCO)
Taubman Centers, Inc. (NYSE:TCO) – Stock analysts at Boenning Scattergood reduced their Q4 2018 earnings estimates for shares of Taubman Centers in a research note issued on Tuesday. Boenning Scattergood analyst F. Van. Dijkum now expects that the real estate investment trust will earn $1.06 per share for the quarter, down from their prior estimate of $1.16. Boenning Scattergood has a “Hold” rating on the stock.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.06). Taubman Centers had a return on equity of 66.09% and a net margin of 0.34%. The firm had revenue of $153.20 million for the quarter, compared to the consensus estimate of $155.95 million. During the same quarter last year, the business earned $0.94 earnings per share. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year.
Several other brokerages have also recently issued reports on TCO. Morgan Stanley cut Taubman Centers from an “equal weight” rating to an “underweight” rating in a research note on Monday, September 18th. Zacks Investment Research cut Taubman Centers from a “hold” rating to a “sell” rating in a research note on Monday, October 30th. BMO Capital Markets restated a “hold” rating and set a $62.00 price objective on shares of Taubman Centers in a research note on Tuesday. JPMorgan Chase & Co. cut Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $64.00 to $57.00 in a research note on Tuesday, September 26th. Finally, Jefferies Group restated a “neutral” rating on shares of Taubman Centers in a research note on Friday, October 13th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $65.00.
Shares of Taubman Centers (NYSE:TCO) traded down $0.20 on Thursday, reaching $62.50. The company had a trading volume of 480,311 shares, compared to its average volume of 1,120,000. Taubman Centers has a 52-week low of $44.78 and a 52-week high of $73.41. The company has a market capitalization of $3,790.00, a PE ratio of 58.96, a PEG ratio of 5.02 and a beta of 0.61. The company has a debt-to-equity ratio of -21.77, a current ratio of 0.35 and a quick ratio of 0.35.
A number of hedge funds have recently bought and sold shares of the business. Virtu KCG Holdings LLC bought a new stake in shares of Taubman Centers during the second quarter valued at about $227,000. Riverhead Capital Management LLC raised its stake in shares of Taubman Centers by 83.2% during the second quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock valued at $262,000 after purchasing an additional 1,997 shares in the last quarter. Shelton Capital Management bought a new stake in shares of Taubman Centers during the second quarter valued at about $269,000. Cubist Systematic Strategies LLC bought a new stake in shares of Taubman Centers during the third quarter valued at about $368,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Taubman Centers during the third quarter valued at about $370,000.
In related news, Director Cornelia Connelly Marakovits bought 4,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were bought at an average cost of $63.35 per share, for a total transaction of $253,400.00. Following the completion of the purchase, the director now owns 7,403 shares of the company’s stock, valued at approximately $468,980.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO William S. Taubman sold 35,000 shares of the firm’s 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 completion of the sale, the chief operating officer now owns 67,633 shares in the company, valued at $4,239,236.44. The disclosure for this sale can be found here. Insiders sold 93,318 shares of company stock worth $5,849,897 over the last quarter. 31.20% of the stock is currently owned by company insiders.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Thursday, December 14th. Taubman Centers’s payout ratio is 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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