Zacks: Analysts Expect Taubman Centers, Inc. (TCO) Will Announce Quarterly Sales of $164.50 Million

Wall Street brokerages expect Taubman Centers, Inc. (NYSE:TCO) to report sales of $164.50 million for the current quarter, according to Zacks. Fifteen analysts have provided estimates for Taubman Centers’ earnings, with the highest sales estimate coming in at $171.89 million and the lowest estimate coming in at $155.86 million. Taubman Centers reported sales of $166.19 million in the same quarter last year, which indicates a negative year over year growth rate of 1%. The company is expected to report its next earnings results on Thursday, February 8th.

According to Zacks, analysts expect that Taubman Centers will report full-year sales of $164.50 million for the current fiscal year, with estimates ranging from $573.18 million to $633.44 million. For the next year, analysts expect that the firm will post sales of $629.03 million per share, with estimates ranging from $573.73 million to $667.97 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Taubman Centers.

Taubman Centers (NYSE:TCO) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.06). The business had revenue of $153.20 million for the quarter, compared to the consensus estimate of $155.95 million. Taubman Centers had a negative return on equity of 75.87% and a net margin of 13.21%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 earnings per share.

A number of research analysts recently issued reports on TCO shares. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a research note on Monday, October 30th. BMO Capital Markets reissued a “hold” rating and issued a $62.00 price objective on shares of Taubman Centers in a research note on Tuesday, January 9th. JPMorgan Chase & Co. cut shares of Taubman Centers from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Jefferies Group reissued a “neutral” rating on shares of Taubman Centers in a research note on Friday, October 13th. Finally, Mizuho reissued a “neutral” rating on shares of Taubman Centers in a research note on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. Taubman Centers has an average rating of “Hold” and an average target price of $65.00.

Taubman Centers (TCO) opened at $62.06 on Friday. The stock has a market cap of $3,750.22, a P/E ratio of 59.11, a P/E/G ratio of 4.86 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 one year low of $44.78 and a one year high of $72.35.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were given a $0.625 dividend. The ex-dividend date was Thursday, December 14th. This represents a $2.50 dividend on an annualized basis and a yield of 4.03%. Taubman Centers’s dividend payout ratio is currently 238.10%.

In other Taubman Centers news, CEO Robert S. Taubman sold 58,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total value of $3,635,440.00. Following the sale, the chief executive officer now owns 16,953 shares in the company, valued at $1,062,614.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Cornelia Connelly Marakovits bought 4,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was bought at an average price of $63.35 per share, for a total transaction of $253,400.00. Following the transaction, the director now directly owns 7,403 shares of the company’s stock, valued at $468,980.05. The disclosure for this purchase can be found here. Insiders sold 93,318 shares of company stock worth $5,849,897 in the last 90 days. Company insiders own 31.20% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Creative Planning acquired a new stake in Taubman Centers in the fourth quarter valued at approximately $240,000. Virtu KCG Holdings LLC acquired a new stake in Taubman Centers in the second quarter valued at approximately $227,000. Riverhead Capital Management LLC boosted its position in Taubman Centers by 83.2% in 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 buying an additional 1,997 shares in the last quarter. Shelton Capital Management acquired a new stake in Taubman Centers in the second quarter valued at approximately $269,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Taubman Centers during the third quarter worth $368,000.

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About Taubman Centers

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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