Jefferies Group Analysts Cut Earnings Estimates for Taubman Centers, Inc. (TCO)
Taubman Centers, Inc. (NYSE:TCO) – Research analysts at Jefferies Group decreased their FY2019 earnings per share estimates for Taubman Centers in a report issued on Tuesday. Jefferies Group analyst O. Okusanya now anticipates that the real estate investment trust will post earnings per share of $3.91 for the year, down from their previous forecast of $3.93. Jefferies Group has a “Neutral” rating on the stock.
Taubman Centers (NYSE:TCO) last released its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.06). The business had revenue of $153.20 million during the quarter, compared to analyst estimates of $155.95 million. Taubman Centers had a net margin of 13.21% and a negative return on equity of 75.87%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS.
Taubman Centers (NYSE:TCO) traded up $0.89 on Wednesday, reaching $61.94. The company’s stock had a trading volume of 711,805 shares, compared to its average volume of 1,058,064. The firm has a market cap of $3,794.54, a price-to-earnings ratio of 58.99, a P/E/G ratio of 4.92 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. Taubman Centers has a 12-month low of $44.78 and a 12-month high of $72.57.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 4.04%. The ex-dividend date was Thursday, December 14th. Taubman Centers’s payout ratio is presently 238.10%.
In related news, COO William S. Taubman sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $62.68, for a total transaction of $2,193,800.00. Following the completion of the transaction, the chief operating officer now owns 67,633 shares in the company, valued at approximately $4,239,236.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Cornelia Connelly Marakovits bought 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were bought at an average price of $63.35 per share, with a total value of $253,400.00. Following the transaction, the director now directly owns 7,403 shares in the company, valued at $468,980.05. The disclosure for this purchase can be found here. Insiders have sold a total of 93,318 shares of company stock worth $5,849,897 in the last three months. 31.20% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Creative Planning bought a new position in shares of Taubman Centers during the 4th quarter worth approximately $240,000. Virtu KCG Holdings LLC bought a new position in shares of Taubman Centers during the 2nd quarter worth approximately $227,000. Riverhead Capital Management LLC lifted its position in shares of 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 worth $262,000 after buying an additional 1,997 shares during the period. Shelton Capital Management bought a new position in shares of Taubman Centers during the 2nd quarter worth approximately $269,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Taubman Centers during the 3rd quarter worth approximately $368,000.
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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