Brokerages predict that Taubman Centers, Inc. (NYSE:TCO) will announce $146.79 million in sales for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Taubman Centers’ earnings. The highest sales estimate is $156.34 million and the lowest is $138.91 million. Taubman Centers reported sales of $139.70 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.1%. The firm is scheduled to report its next earnings report on Monday, July 29th.
On average, analysts expect that Taubman Centers will report full year sales of $615.45 million for the current fiscal year, with estimates ranging from $582.34 million to $640.92 million. For the next year, analysts anticipate that the business will post sales of $635.12 million, with estimates ranging from $591.86 million to $671.37 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Taubman Centers.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.65). Taubman Centers had a negative return on equity of 24.45% and a net margin of 11.23%. The business had revenue of $160.28 million for the quarter, compared to analysts’ expectations of $161.24 million. During the same period last year, the company posted $1.04 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis.
A number of brokerages recently weighed in on TCO. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Tuesday, May 21st. Deutsche Bank set a $60.00 price target on shares of Taubman Centers and gave the stock a “hold” rating in a research report on Tuesday. BMO Capital Markets reaffirmed a “hold” rating and set a $55.00 price target on shares of Taubman Centers in a research report on Thursday, February 14th. Finally, Mizuho set a $48.00 price target on shares of Taubman Centers and gave the stock a “hold” rating in a research report on Tuesday, February 19th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Taubman Centers currently has a consensus rating of “Hold” and an average target price of $58.99.
In other news, Director Mayree C. Clark acquired 3,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was bought at an average cost of $51.94 per share, with a total value of $155,820.00. Following the transaction, the director now directly owns 6,478 shares in the company, valued at approximately $336,467.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 31.20% of the company’s stock.
A number of large investors have recently bought and sold shares of TCO. Louisiana State Employees Retirement System lifted its position in shares of Taubman Centers by 1.2% during the first quarter. Louisiana State Employees Retirement System now owns 16,400 shares of the real estate investment trust’s stock worth $867,000 after purchasing an additional 200 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Taubman Centers by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 37,232 shares of the real estate investment trust’s stock worth $1,968,000 after purchasing an additional 215 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Taubman Centers by 1.4% during the fourth quarter. Bank of Montreal Can now owns 16,730 shares of the real estate investment trust’s stock worth $761,000 after purchasing an additional 229 shares during the last quarter. Eaton Vance Management lifted its position in shares of Taubman Centers by 3.0% during the fourth quarter. Eaton Vance Management now owns 9,730 shares of the real estate investment trust’s stock worth $443,000 after purchasing an additional 279 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of Taubman Centers by 1.2% during the first quarter. Oregon Public Employees Retirement Fund now owns 24,425 shares of the real estate investment trust’s stock worth $1,292,000 after purchasing an additional 290 shares during the last quarter. 99.72% of the stock is owned by institutional investors.
Taubman Centers stock traded down $0.15 during trading on Tuesday, reaching $43.76. 10,754 shares of the company’s stock were exchanged, compared to its average volume of 443,402. Taubman Centers has a 52-week low of $41.84 and a 52-week high of $65.50. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 2.95 and a beta of 0.82.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.675 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.70 dividend on an annualized basis and a yield of 6.17%. Taubman Centers’s payout ratio is currently 70.50%.
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 and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.
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