State of Alaska Department of Revenue reduced its holdings in Taubman Centers, Inc. (NYSE:TCO) by 1.1% during the 1st quarter, HoldingsChannel reports. The fund owned 26,474 shares of the real estate investment trust’s stock after selling 281 shares during the quarter. State of Alaska Department of Revenue’s holdings in Taubman Centers were worth $1,399,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in TCO. Renaissance Technologies LLC boosted its holdings in shares of Taubman Centers by 345.8% in the 3rd quarter. Renaissance Technologies LLC now owns 300,000 shares of the real estate investment trust’s stock worth $17,949,000 after acquiring an additional 232,700 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Taubman Centers by 4.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 103,487 shares of the real estate investment trust’s stock worth $6,192,000 after acquiring an additional 4,239 shares in the last quarter. Verition Fund Management LLC boosted its holdings in shares of Taubman Centers by 18.0% in the 3rd quarter. Verition Fund Management LLC now owns 10,929 shares of the real estate investment trust’s stock worth $654,000 after acquiring an additional 1,665 shares in the last quarter. Advisors Asset Management Inc. bought a new position in Taubman Centers in the 3rd quarter worth approximately $244,000. Finally, Macquarie Group Ltd. raised its position in Taubman Centers by 36.0% in the 3rd quarter. Macquarie Group Ltd. now owns 26,450 shares of the real estate investment trust’s stock worth $1,583,000 after purchasing an additional 7,000 shares during the last quarter.
Several research analysts recently weighed in on TCO shares. KeyCorp set a $69.00 price objective on shares of Taubman Centers and gave the stock a “buy” rating in a research report on Thursday, December 20th. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Saturday, January 5th. BMO Capital Markets restated a “hold” rating and issued a $55.00 price objective on shares of Taubman Centers in a research report on Thursday, February 14th. Finally, Mizuho set a $48.00 price objective on shares of Taubman Centers and gave the stock a “hold” rating in a research report on Tuesday, February 19th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $59.53.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings data on Wednesday, February 13th. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.84). The company had revenue of $167.50 million during the quarter, compared to the consensus estimate of $168.91 million. Taubman Centers had a negative return on equity of 30.65% and a net margin of 11.84%. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. On average, analysts expect that Taubman Centers, Inc. will post 3.69 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.675 per share. This is a boost from Taubman Centers’s previous quarterly dividend of $0.66. The ex-dividend date was Thursday, March 14th. This represents a $2.70 annualized dividend and a dividend yield of 5.31%. Taubman Centers’s payout ratio is presently 70.50%.
Taubman Centers Company 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 and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.
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