Heitman Real Estate Securities LLC lowered its holdings in Taubman Centers, Inc. (NYSE:TCO) by 53.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,947 shares of the real estate investment trust’s stock after selling 215,108 shares during the period. Heitman Real Estate Securities LLC owned approximately 0.31% of Taubman Centers worth $12,297,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of TCO. Cbre Clarion Securities LLC bought a new stake in Taubman Centers in the 4th quarter valued at about $176,250,000. Long Pond Capital LP lifted its holdings in shares of Taubman Centers by 35.9% during the 4th quarter. Long Pond Capital LP now owns 4,115,222 shares of the real estate investment trust’s stock worth $269,259,000 after acquiring an additional 1,086,367 shares during the period. AMP Capital Investors Ltd lifted its holdings in shares of Taubman Centers by 1,468.2% during the 4th quarter. AMP Capital Investors Ltd now owns 1,062,078 shares of the real estate investment trust’s stock worth $69,493,000 after acquiring an additional 994,350 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Taubman Centers by 71.7% during 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 period. Finally, PGGM Investments bought a new stake in shares of Taubman Centers during the 4th quarter worth approximately $34,940,000.
A number of brokerages have recently weighed in on TCO. Sandler O’Neill set a $63.00 price target on shares of Taubman Centers and gave the stock a “hold” rating in a report on Tuesday, February 13th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a report on Monday, February 12th. BMO Capital Markets reaffirmed a “hold” rating and set a $62.00 price target on shares of Taubman Centers in a report on Tuesday, January 9th. Mizuho set a $63.00 price target on shares of Taubman Centers and gave the stock a “hold” rating in a report on Friday, February 16th. Finally, Citigroup upped their price target on shares of Taubman Centers from $58.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company’s stock. Taubman Centers currently has an average rating of “Hold” and a consensus price target of $64.20.
Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Thursday, February 8th. The real estate investment trust reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.01. The business had revenue of $172.18 million during the quarter, compared to the consensus estimate of $164.26 million. Taubman Centers had a net margin of 11.63% and a negative return on equity of 57.04%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. equities analysts expect that Taubman Centers, Inc. will post 3.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be paid a $0.655 dividend. This is an increase from Taubman Centers’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.62 annualized dividend and a yield of 4.58%. Taubman Centers’s dividend payout ratio is presently 277.78%.
In related news, Director Craig M. Hatkoff sold 1,350 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $58.62, for a total value of $79,137.00. Following the completion of the transaction, the director now owns 6,013 shares of the company’s stock, valued at approximately $352,482.06. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert S. Taubman sold 58,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 16,953 shares of the company’s stock, valued at approximately $1,062,614.04. The disclosure for this sale can be found here. In the last three months, insiders sold 95,053 shares of company stock valued at $5,951,926. 31.20% of the stock is owned by insiders.
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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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