Taubman Centers (NYSE:TCO) Hits New 12-Month Low at $31.88

Taubman Centers, Inc. (NYSE:TCO) shares hit a new 52-week low during trading on Monday . The stock traded as low as $31.88 and last traded at $31.99, with a volume of 853975 shares. The stock had previously closed at $32.48.

A number of brokerages recently issued reports on TCO. Sandler O’Neill cut shares of Taubman Centers from a “buy” rating to a “hold” rating in a report on Thursday, October 3rd. JPMorgan Chase & Co. cut Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $51.00 to $42.00 in a research report on Tuesday, October 8th. ValuEngine upgraded Taubman Centers from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley lowered their price objective on Taubman Centers from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. Finally, Citigroup decreased their target price on Taubman Centers from $43.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, September 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $50.14.

The business’s 50 day moving average price is $35.35 and its 200-day moving average price is $40.01. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 2.23 and a beta of 0.64.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCO. Cohen & Steers Inc. raised its stake in Taubman Centers by 2.6% during the second quarter. Cohen & Steers Inc. now owns 5,533,770 shares of the real estate investment trust’s stock worth $225,944,000 after acquiring an additional 142,767 shares in the last quarter. State Street Corp grew its position in Taubman Centers by 0.7% during the 3rd quarter. State Street Corp now owns 2,957,507 shares of the real estate investment trust’s stock worth $120,755,000 after acquiring an additional 20,506 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in Taubman Centers by 32.1% in the second quarter. Centersquare Investment Management LLC now owns 1,601,968 shares of the real estate investment trust’s stock worth $65,409,000 after purchasing an additional 389,327 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Taubman Centers by 1.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,019,039 shares of the real estate investment trust’s stock worth $41,608,000 after buying an additional 16,223 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Taubman Centers by 11.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,000,303 shares of the real estate investment trust’s stock worth $40,841,000 after acquiring an additional 104,486 shares during the last quarter. 99.60% of the stock is currently owned by institutional investors.

About Taubman Centers (NYSE:TCO)

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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