Insider Buying: Taubman Centers, Inc. (TCO) Director Purchases $54,320.00 in Stock

Taubman Centers, Inc. (NYSE:TCO) Director Jonathan Litt purchased 1,000 shares of the stock in a transaction dated Monday, November 5th. The shares were purchased at an average price of $54.32 per share, with a total value of $54,320.00. Following the completion of the acquisition, the director now owns 3,653 shares of the company’s stock, valued at $198,430.96. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Jonathan Litt also recently made the following trade(s):

  • On Thursday, November 1st, Jonathan Litt purchased 1,000 shares of Taubman Centers stock. The shares were purchased at an average price of $55.21 per share, with a total value of $55,210.00.

Taubman Centers stock opened at $55.62 on Friday. Taubman Centers, Inc. has a 1 year low of $46.80 and a 1 year high of $66.61. The company has a market capitalization of $3.35 billion, a P/E ratio of 15.03, a P/E/G ratio of 3.76 and a beta of 0.64.

Taubman Centers (NYSE:TCO) last released its earnings results on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.52). Taubman Centers had a net margin of 14.42% and a negative return on equity of 45.76%. The company had revenue of $159.12 million during the quarter, compared to analysts’ expectations of $159.68 million. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Taubman Centers’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities analysts anticipate that Taubman Centers, Inc. will post 3.8 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. Heitman Real Estate Securities LLC grew its holdings in Taubman Centers by 55.4% in the second quarter. Heitman Real Estate Securities LLC now owns 352,066 shares of the real estate investment trust’s stock valued at $23,690,000 after purchasing an additional 125,580 shares during the period. Renaissance Technologies LLC purchased a new stake in Taubman Centers in the second quarter valued at approximately $3,955,000. Metropolitan Life Insurance Co. NY grew its holdings in Taubman Centers by 7.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 23,890 shares of the real estate investment trust’s stock valued at $1,404,000 after purchasing an additional 1,753 shares during the period. Paloma Partners Management Co purchased a new stake in Taubman Centers in the second quarter valued at approximately $517,000. Finally, Security Capital Research & Management Inc. grew its holdings in Taubman Centers by 85.3% in the second quarter. Security Capital Research & Management Inc. now owns 455,501 shares of the real estate investment trust’s stock valued at $26,765,000 after purchasing an additional 209,725 shares during the period.

TCO has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “hold” rating and set a $63.00 price target on shares of Taubman Centers in a report on Wednesday, September 5th. Zacks Investment Research upgraded shares of Taubman Centers from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. Sandler O’Neill upgraded shares of Taubman Centers from a “hold” rating to a “buy” rating and lifted their price target for the stock from $58.00 to $64.00 in a report on Monday, October 22nd. BMO Capital Markets set a $62.00 price target on shares of Taubman Centers and gave the stock a “hold” rating in a report on Monday, July 30th. Finally, ValuEngine upgraded shares of Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, July 30th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $62.31.

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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.

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