BMO Capital Markets Upgrades Taubman Centers (TCO) to “Market Perform”

Taubman Centers (NYSE:TCO) was upgraded by stock analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research note issued on Wednesday, MarketBeat.com reports. The firm presently has a $48.00 target price on the real estate investment trust’s stock. BMO Capital Markets’ target price suggests a potential downside of 24.52% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Mizuho reaffirmed a “neutral” rating on shares of Taubman Centers in a research note on Wednesday, November 8th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research note on Friday, November 3rd. Zacks Investment Research downgraded shares of Taubman Centers from a “hold” rating to a “sell” rating in a research note on Monday, October 30th. Jefferies Group reaffirmed a “neutral” rating on shares of Taubman Centers in a research note on Friday, October 13th. Finally, J P Morgan Chase & Co downgraded shares of Taubman Centers from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $64.75.

Taubman Centers (NYSE:TCO) traded up $1.00 during mid-day trading on Wednesday, hitting $63.59. 1,327,210 shares of the stock were exchanged, compared to its average volume of 646,621. 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 $76.79. The company has a market capitalization of $3,566.87, a price-to-earnings ratio of 16.23, a P/E/G ratio of 4.74 and a beta of 0.62.

Taubman Centers (NYSE:TCO) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.06). The company had revenue of $153.20 million during the quarter, compared to analysts’ expectations of $155.95 million. Taubman Centers had a net margin of 13.21% and a negative return on equity of 75.87%. The company’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 earned $0.94 earnings per share. analysts anticipate that Taubman Centers will post 3.71 EPS for the current fiscal year.

In other news, COO William S. Taubman sold 35,000 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 $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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert S. Taubman sold 58,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was 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 owns 16,953 shares in the company, valued at approximately $1,062,614.04. The disclosure for this sale can be found here. 31.20% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System boosted its holdings in Taubman Centers by 6.2% in the third quarter. California Public Employees Retirement System now owns 154,277 shares of the real estate investment trust’s stock valued at $7,668,000 after acquiring an additional 9,064 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Taubman Centers in the third quarter valued at $368,000. Alyeska Investment Group L.P. bought a new stake in shares of Taubman Centers during the 3rd quarter valued at $883,000. Asset Management One Co. Ltd. boosted its holdings in shares of Taubman Centers by 1.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 131,663 shares of the real estate investment trust’s stock valued at $6,615,000 after buying an additional 1,458 shares in the last quarter. Finally, AMP Capital Investors Ltd boosted its holdings in shares of Taubman Centers by 228.3% during the 3rd quarter. AMP Capital Investors Ltd now owns 67,728 shares of the real estate investment trust’s stock valued at $3,366,000 after buying an additional 47,100 shares in 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)