Dimensional Fund Advisors LP raised its position in Taubman Centers Inc. (NYSE:TCO) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 827,992 shares of the real estate investment trust’s stock after buying an additional 8,805 shares during the period. Dimensional Fund Advisors LP owned about 1.37% of Taubman Centers worth $61,436,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in TCO. Norges Bank acquired a new position in Taubman Centers during the fourth quarter worth approximately $39,571,000. Renaissance Technologies LLC increased its position in shares of Taubman Centers by 2,125.2% in the first quarter. Renaissance Technologies LLC now owns 309,300 shares of the real estate investment trust’s stock valued at $22,031,000 after buying an additional 295,400 shares during the period. Strs Ohio increased its position in shares of Taubman Centers by 51.8% in the second quarter. Strs Ohio now owns 784,330 shares of the real estate investment trust’s stock valued at $58,197,000 after buying an additional 267,709 shares during the period. Nuveen Asset Management LLC increased its position in shares of Taubman Centers by 819.9% in the first quarter. Nuveen Asset Management LLC now owns 240,244 shares of the real estate investment trust’s stock valued at $17,113,000 after buying an additional 214,127 shares during the period. Finally, Forward Management LLC increased its position in shares of Taubman Centers by 158.6% in the second quarter. Forward Management LLC now owns 349,100 shares of the real estate investment trust’s stock valued at $25,903,000 after buying an additional 214,100 shares during the period. 96.95% of the stock is owned by hedge funds and other institutional investors.
Shares of Taubman Centers Inc. (NYSE:TCO) traded down 0.85% during midday trading on Monday, reaching $73.78. 75,044 shares of the company’s stock traded hands. The firm has a market capitalization of $4.46 billion, a P/E ratio of 38.83 and a beta of 0.84. Taubman Centers Inc. has a 52-week low of $63.32 and a 52-week high of $81.68. The stock’s 50 day moving average price is $76.85 and its 200 day moving average price is $73.47.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Taubman Centers had a return on equity of 173.60% and a net margin of 21.45%. The firm had revenue of $158.90 million for the quarter, compared to analysts’ expectations of $147.45 million. During the same period in the prior year, the business posted $0.76 earnings per share. The business’s revenue was up 20.4% compared to the same quarter last year. On average, equities research analysts anticipate that Taubman Centers Inc. will post $3.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a $0.595 dividend. This represents a $2.38 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Tuesday, September 13th. Taubman Centers’s dividend payout ratio (DPR) is 126.60%.
Several equities analysts have recently issued reports on the stock. Credit Suisse Group AG reissued an “outperform” rating and set a $85.00 price target on shares of Taubman Centers in a report on Tuesday, August 2nd. Morgan Stanley set a $81.00 price target on shares of Taubman Centers and gave the company a “buy” rating in a report on Thursday, August 11th. Citigroup Inc. boosted their price target on shares of Taubman Centers from $76.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Zacks Investment Research downgraded shares of Taubman Centers from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Finally, Jefferies Group boosted their price target on shares of Taubman Centers from $73.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, August 31st. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Taubman Centers presently has an average rating of “Buy” and a consensus target price of $84.00.
About Taubman Centers
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 (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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