New York State Teachers Retirement System continued to hold its position in Taubman Centers Inc. (NYSE:TCO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,600 shares of the real estate investment trust’s stock at the end of the second quarter. New York State Teachers Retirement System’s holdings in Taubman Centers were worth $6,648,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of TCO. Oakbrook Investments LLC acquired a new position in Taubman Centers during the second quarter worth about $217,000. Checchi Capital Advisers LLC raised its position in 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 worth $130,000 after buying an additional 18 shares in the last quarter. LS Investment Advisors LLC raised its position in Taubman Centers by 73.6% in the second quarter. LS Investment Advisors LLC now owns 3,637 shares of the real estate investment trust’s stock worth $270,000 after buying an additional 1,542 shares in the last quarter. Fox Run Management L.L.C. raised its position in Taubman Centers by 86.2% in the second quarter. Fox Run Management L.L.C. now owns 5,400 shares of the real estate investment trust’s stock worth $401,000 after buying an additional 2,500 shares in the last quarter. Finally, Americafirst Capital Management LLC acquired a new position in Taubman Centers during the second quarter worth about $103,000. 96.95% of the stock is owned by institutional investors.
Shares of Taubman Centers Inc. (NYSE:TCO) traded down 0.59% during midday trading on Friday, reaching $74.41. 711,587 shares of the company’s stock traded hands. The company has a market capitalization of $4.49 billion, a PE ratio of 39.16 and a beta of 0.91. 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 is $76.85 and its 200-day moving average is $73.47.
Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.05. Taubman Centers had a return on equity of 173.60% and a net margin of 21.45%. The company earned $158.90 million during the quarter, compared to analysts’ expectations of $147.45 million. During the same quarter in the previous year, the business earned $0.76 earnings per share. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. On average, analysts forecast that Taubman Centers Inc. will post $3.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were paid 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 is currently 126.60%.
A number of research firms have issued reports on TCO. Goldman Sachs Group Inc. raised shares of Taubman Centers from a “neutral” rating to a “buy” rating and raised their price target for the stock from $79.00 to $87.00 in a research report on Wednesday. Mizuho reissued a “buy” rating and set a $89.00 price target on shares of Taubman Centers in a research report on Thursday, September 1st. Jefferies Group raised their price target on shares of Taubman Centers from $73.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, August 31st. BTIG Research began coverage on shares of Taubman Centers in a research report on Thursday, August 25th. They set a “neutral” rating for the company. Finally, Morgan Stanley set a $81.00 price target on shares of Taubman Centers and gave the stock a “buy” rating in a research report on Thursday, August 11th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock 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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