Ameriprise Financial Inc. raised its holdings in shares of Taubman Centers, Inc. (NYSE:TCO) by 2.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 612,017 shares of the real estate investment trust’s stock after purchasing an additional 13,691 shares during the period. Ameriprise Financial Inc. owned approximately 1.01% of Taubman Centers worth $36,446,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Creative Planning boosted its stake in Taubman Centers by 8.0% during the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock valued at $166,000 after purchasing an additional 206 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in Taubman Centers by 83.2% during the 2nd 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 during the last quarter. LS Investment Advisors LLC boosted its stake in Taubman Centers by 16.8% during the 2nd quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 692 shares during the last quarter. World Asset Management Inc boosted its stake in Taubman Centers by 1.4% during the 2nd quarter. World Asset Management Inc now owns 4,917 shares of the real estate investment trust’s stock valued at $293,000 after purchasing an additional 69 shares during the last quarter. Finally, GAM Holding AG boosted its stake in Taubman Centers by 3.3% during the 2nd quarter. GAM Holding AG now owns 5,154 shares of the real estate investment trust’s stock valued at $307,000 after purchasing an additional 166 shares during the last quarter. Institutional investors and hedge funds own 98.53% of the company’s stock.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut Taubman Centers from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Morgan Stanley cut Taubman Centers from an “equal weight” rating to an “underweight” rating in a report on Monday, September 18th. BidaskClub cut Taubman Centers from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. KeyCorp lowered their price target on Taubman Centers from $85.00 to $79.00 and set an “overweight” rating on the stock in a report on Wednesday, June 28th. Finally, BMO Capital Markets assumed coverage on Taubman Centers in a report on Monday, September 11th. They set an “underperform” rating on the stock. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Taubman Centers presently has a consensus rating of “Hold” and an average target price of $71.00.
In other Taubman Centers news, Director Myron E. Ullman III purchased 12,325 shares of the stock in a transaction on Wednesday, August 9th. The shares were bought at an average cost of $56.90 per share, with a total value of $701,292.50. Following the completion of the acquisition, the director now owns 16,646 shares in the company, valued at $947,157.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 31.20% of the stock is currently owned by corporate insiders.
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Taubman Centers, Inc. (NYSE TCO) opened at 49.14 on Friday. The company has a 50-day moving average price of $53.35 and a 200-day moving average price of $59.84. The company has a market capitalization of $2.98 billion, a PE ratio of 37.98 and a beta of 0.50. Taubman Centers, Inc. has a one year low of $49.07 and a one year high of $78.65.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results 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 net margin of 14.71% and a negative return on equity of 110.46%. The company had revenue of $154.68 million for the quarter, compared to analyst estimates of $142.16 million. During the same period in the prior year, the company earned $1.04 earnings per share. The firm’s revenue was down 2.6% on a year-over-year basis. Analysts expect that Taubman Centers, Inc. will post $1.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend is Thursday, September 14th. Taubman Centers’s payout ratio is 193.80%.
Taubman Centers 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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