Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in Taubman Centers Inc. (NYSE:TCO) by 32.9% during the second quarter, Holdings Channel reports. The institutional investor owned 112,200 shares of the real estate investment trust’s stock after buying an additional 27,800 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH’s holdings in Taubman Centers were worth $8,296,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. Americafirst Capital Management LLC purchased a new stake in shares of Taubman Centers during the second quarter valued at approximately $103,000. Checchi Capital Advisers LLC increased its position in shares of Taubman Centers by 1.0% in the second quarter. Checchi Capital Advisers LLC now owns 1,756 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 18 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Taubman Centers by 4.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,200 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 100 shares in the last quarter. Oakbrook Investments LLC bought a new position in shares of Taubman Centers during the second quarter valued at about $217,000. Finally, BlackRock Japan Co. Ltd increased its position in shares of Taubman Centers by 0.7% in the first quarter. BlackRock Japan Co. Ltd now owns 3,180 shares of the real estate investment trust’s stock valued at $227,000 after buying an additional 22 shares in the last quarter. 96.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Taubman Centers Inc. (NYSE:TCO) traded down 0.57% during mid-day trading on Tuesday, hitting $71.17. 260,741 shares of the stock traded hands. The stock has a 50-day moving average of $74.74 and a 200-day moving average of $73.62. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 37.46 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.
Taubman Centers (NYSE:TCO) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.05. The firm earned $158.90 million during the quarter, compared to analysts’ expectations of $147.45 million. Taubman Centers had a net margin of 21.45% and a return on equity of 173.60%. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the firm posted $0.76 earnings per share. Analysts anticipate that Taubman Centers Inc. will post $3.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were issued a dividend of $0.595 per share. This represents a $2.38 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Tuesday, September 13th. Taubman Centers’s payout ratio is 126.60%.
TCO has been the subject of several research reports. TheStreet upgraded Taubman Centers from a “hold” rating to a “buy” rating in a research report on Friday, July 1st. Zacks Investment Research upgraded Taubman Centers from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research report on Monday, July 18th. Credit Suisse Group AG restated an “outperform” rating and set a $85.00 price objective on shares of Taubman Centers in a research report on Tuesday, August 2nd. Citigroup Inc. boosted their price target on Taubman Centers from $76.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Finally, Morgan Stanley set a $81.00 price target on Taubman Centers and gave the company a “buy” rating in a report on Thursday, August 11th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Taubman Centers has a consensus rating of “Buy” and a consensus target price of $83.08.
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 (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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