Citigroup Raises Taubman Centers (TCO) Price Target to $61.00

Taubman Centers (NYSE:TCO) had its price target boosted by equities research analysts at Citigroup from $58.00 to $61.00 in a research report issued on Tuesday. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s target price indicates a potential upside of 5.12% from the stock’s previous close.

TCO has been the subject of a number of other reports. Zacks Investment Research lowered shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Monday, October 30th. BMO Capital Markets upgraded shares of Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 price objective for the company in a research report on Wednesday, December 13th. Mizuho restated a “neutral” rating on shares of Taubman Centers in a research report on Wednesday, November 8th. Finally, Boenning Scattergood restated a “hold” rating on shares of Taubman Centers in a research report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $64.50.

Taubman Centers (NYSE TCO) traded down $0.57 during mid-day trading on Tuesday, hitting $58.03. 59,418 shares of the stock were exchanged, compared to its average volume of 964,722. 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 $70.85. The company has a market capitalization of $3,535.91, a price-to-earnings ratio of 64.48, a P/E/G ratio of 4.59 and a beta of 0.52.

Taubman Centers (NYSE:TCO) last released its quarterly earnings data 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 company had revenue of $172.18 million during the quarter, compared to analyst estimates of $164.26 million. During the same period last year, the business earned $1.01 earnings per share. Taubman Centers’s revenue was up 9.8% compared to the same quarter last year. analysts anticipate that Taubman Centers will post 3.8 EPS for the current fiscal year.

In other Taubman Centers news, COO William S. Taubman sold 35,000 shares of Taubman Centers stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total transaction of $2,193,800.00. Following the completion of the sale, the chief operating officer now directly owns 67,633 shares in the company, valued at $4,239,236.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert S. Taubman sold 58,000 shares of Taubman Centers stock in a transaction that occurred on 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 sale, the chief executive officer now owns 16,953 shares of the company’s stock, valued at $1,062,614.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,318 shares of company stock valued at $5,849,897. 31.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Taubman Centers by 5,443.6% in the 1st quarter. BlackRock Inc. now owns 6,413,320 shares of the real estate investment trust’s stock worth $423,407,000 after acquiring an additional 6,297,632 shares during the last quarter. Cbre Clarion Securities LLC bought a new stake in shares of Taubman Centers in the 4th quarter worth approximately $176,250,000. RidgeWorth Capital Management LLC bought a new stake in shares of Taubman Centers in the 1st quarter worth approximately $45,542,000. Bank of New York Mellon Corp lifted its holdings in shares of Taubman Centers by 71.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,486,957 shares of the real estate investment trust’s stock worth $97,291,000 after acquiring an additional 621,136 shares during the last quarter. Finally, AJO LP lifted its holdings in shares of Taubman Centers by 11,253.4% in the 2nd quarter. AJO LP now owns 592,532 shares of the real estate investment trust’s stock worth $43,966,000 after acquiring an additional 587,313 shares during the last quarter.

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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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