Boenning Scattergood Reaffirms “Hold” Rating for Taubman Centers (TCO)

Taubman Centers (NYSE:TCO)‘s stock had its “hold” rating reaffirmed by stock analysts at Boenning Scattergood in a note issued to investors on Monday.

The analysts wrote, “We remain Neutral-rated on TCO though we note that the company’s shares trade at the deepest NAV discount relative to ‘A’ mall peers. Key Points: FFO In-Line: TCO reported fourth quarter NAREIT FFO of $1.02 per share and core FFO of $1.03 per share. Core FFO of $3.70 per share showed 3.4% annual growth while NAREIT FFO of $3.50 per share showed a 10.2% decline, primarily due to charges associated with shareholder activism and corporate restructuring charges.””

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets reaffirmed a “hold” rating and issued a $62.00 target price on shares of Taubman Centers in a report on Tuesday, January 9th. Mizuho reaffirmed a “neutral” rating on shares of Taubman Centers in a report on Wednesday, November 8th. Finally, Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $65.00.

Shares of Taubman Centers (NYSE TCO) traded up $0.44 during trading hours on Monday, hitting $58.68. 804,318 shares of the stock were exchanged, compared to its average volume of 985,283. Taubman Centers has a 1-year low of $44.78 and a 1-year high of $70.85. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of -21.77. The stock has a market capitalization of $3,535.91, a PE ratio of 65.57, a price-to-earnings-growth ratio of 4.59 and a beta of 0.52.

Taubman Centers (NYSE:TCO) last announced its earnings results on Thursday, February 8th. The real estate investment trust reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.01. Taubman Centers had a net margin of 11.63% and a negative return on equity of 60.45%. The business had revenue of $172.18 million during the quarter, compared to analysts’ expectations of $164.26 million. During the same period in the prior year, the company earned $1.01 earnings per share. The business’s revenue was up 9.8% compared to the same quarter last year. equities research analysts forecast that Taubman Centers will post 3.8 earnings per share for the current fiscal year.

In other news, CEO Robert S. Taubman sold 58,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total transaction of $3,635,440.00. Following the transaction, the chief executive officer now directly owns 16,953 shares in the company, valued at $1,062,614.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO William S. Taubman sold 35,000 shares of the business’s stock in a transaction dated 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 transaction, the chief operating officer now owns 67,633 shares in the company, valued at $4,239,236.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,318 shares of company stock worth $5,849,897. Company insiders own 31.20% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Suntrust Banks Inc. acquired a new position in shares of Taubman Centers during the fourth quarter worth about $2,677,000. FDx Advisors Inc. acquired a new position in shares of Taubman Centers during the fourth quarter worth about $312,000. American International Group Inc. increased its stake in shares of Taubman Centers by 1.2% during the fourth quarter. American International Group Inc. now owns 125,665 shares of the real estate investment trust’s stock worth $8,222,000 after acquiring an additional 1,473 shares during the period. Virtu Financial LLC acquired a new position in shares of Taubman Centers during the fourth quarter worth about $397,000. Finally, Tower Research Capital LLC TRC grew its position in Taubman Centers by 874.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,447 shares of the real estate investment trust’s stock worth $160,000 after buying an additional 2,196 shares during the period.

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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.

Analyst Recommendations for Taubman Centers (NYSE:TCO)

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