Taubman Centers, Inc. (NYSE:TCO) was the target of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 3,038,000 shares, a decline of 12.4% from the May 30th total of 3,469,600 shares. Approximately 5.1% of the shares of the company are short sold. Based on an average daily volume of 436,500 shares, the short-interest ratio is presently 7.0 days.
In other Taubman Centers news, Director Mayree C. Clark acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average price of $51.94 per share, with a total value of $155,820.00. Following the transaction, the director now owns 6,478 shares of the company’s stock, valued at $336,467.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 31.00% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Taubman Centers by 1.0% in the 1st quarter. BlackRock Inc. now owns 7,266,236 shares of the real estate investment trust’s stock worth $384,237,000 after buying an additional 70,610 shares in the last quarter. Principal Financial Group Inc. grew its position in Taubman Centers by 15.0% during the 1st quarter. Principal Financial Group Inc. now owns 2,524,758 shares of the real estate investment trust’s stock worth $133,510,000 after acquiring an additional 330,181 shares during the last quarter. FMR LLC grew its position in Taubman Centers by 53.5% during the 1st quarter. FMR LLC now owns 2,281,964 shares of the real estate investment trust’s stock worth $120,670,000 after acquiring an additional 795,047 shares during the last quarter. Centersquare Investment Management LLC grew its position in Taubman Centers by 46.6% during the 1st quarter. Centersquare Investment Management LLC now owns 1,212,641 shares of the real estate investment trust’s stock worth $64,124,000 after acquiring an additional 385,502 shares during the last quarter. Finally, Norges Bank bought a new stake in Taubman Centers during the 4th quarter worth approximately $45,118,000. 99.50% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on TCO shares. ValuEngine raised Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd. Deutsche Bank set a $60.00 price target on Taubman Centers and gave the company a “hold” rating in a report on Tuesday, June 11th. Citigroup reaffirmed a “buy” rating on shares of Healthequity in a report on Friday, June 28th. Morgan Stanley reaffirmed an “overweight” rating on shares of in a report on Thursday, June 20th. Finally, Zacks Investment Research cut HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 21st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $57.18.
Taubman Centers stock traded down $0.30 during trading hours on Friday, hitting $40.90. The stock had a trading volume of 272,122 shares, compared to its average volume of 519,194. The company’s 50-day simple moving average is $42.96. The stock has a market cap of $2.50 billion, a P/E ratio of 10.99, a PEG ratio of 2.78 and a beta of 0.72. Taubman Centers has a fifty-two week low of $39.39 and a fifty-two week high of $65.50.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.25 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.65). Taubman Centers had a net margin of 11.23% and a negative return on equity of 24.45%. The firm had revenue of $160.28 million during the quarter, compared to analyst estimates of $161.24 million. During the same period last year, the company earned $1.04 EPS. The company’s revenue was down .7% on a year-over-year basis. On average, analysts forecast that Taubman Centers will post 3.68 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.675 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.60%. Taubman Centers’s payout ratio is presently 70.50%.
About Taubman Centers
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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