Fmr LLC boosted its position in Taubman Centers, Inc. (NYSE:TCO) by 7.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,666,623 shares of the real estate investment trust’s stock after acquiring an additional 117,876 shares during the period. Fmr LLC owned 2.73% of Taubman Centers worth $97,930,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of TCO. Cbre Clarion Securities LLC boosted its holdings in Taubman Centers by 13.3% during the second quarter. Cbre Clarion Securities LLC now owns 3,305,710 shares of the real estate investment trust’s stock worth $194,244,000 after buying an additional 389,099 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in Taubman Centers during the second quarter worth about $15,361,000. Security Capital Research & Management Inc. boosted its holdings in Taubman Centers by 85.3% during the second quarter. Security Capital Research & Management Inc. now owns 455,501 shares of the real estate investment trust’s stock worth $26,765,000 after buying an additional 209,725 shares during the last quarter. BlackRock Inc. boosted its holdings in Taubman Centers by 2.0% during the second quarter. BlackRock Inc. now owns 6,936,584 shares of the real estate investment trust’s stock worth $407,593,000 after buying an additional 136,429 shares during the last quarter. Finally, Heitman Real Estate Securities LLC boosted its holdings in Taubman Centers by 55.4% during the second quarter. Heitman Real Estate Securities LLC now owns 352,066 shares of the real estate investment trust’s stock worth $23,690,000 after buying an additional 125,580 shares during the last quarter.
In other Taubman Centers news, Director Jonathan Litt purchased 1,000 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were bought at an average price of $54.32 per share, with a total value of $54,320.00. Following the completion of the transaction, the director now directly owns 3,653 shares in the company, valued at approximately $198,430.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 31.20% of the company’s stock.
A number of equities analysts have issued reports on TCO shares. Scotiabank started coverage on Taubman Centers in a report on Tuesday, October 16th. They set an “underperform” rating on the stock. Sandler O’Neill upgraded Taubman Centers from a “hold” rating to a “buy” rating and raised their target price for the stock from $58.00 to $64.00 in a report on Monday, October 22nd. ValuEngine upgraded Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, July 30th. BMO Capital Markets set a $62.00 price target on Taubman Centers and gave the stock a “hold” rating in a research report on Monday, July 30th. Finally, Zacks Investment Research lowered Taubman Centers from a “hold” rating to a “sell” rating in a research report on Monday, August 13th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $62.31.
NYSE TCO opened at $55.01 on Friday. The stock has a market cap of $3.35 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 3.76 and a beta of 0.64. Taubman Centers, Inc. has a one year low of $50.24 and a one year high of $66.61.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.52). The business had revenue of $159.12 million for the quarter, compared to analyst estimates of $159.68 million. Taubman Centers had a negative return on equity of 45.76% and a net margin of 14.42%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 EPS. Research analysts forecast that Taubman Centers, Inc. will post 3.8 EPS for the current year.
Taubman Centers Company Profile
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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