Strs Ohio increased its position in Taubman Centers Inc. (NYSE:TCO) by 51.8% during the second quarter, Holdings Channel reports. The institutional investor owned 784,330 shares of the real estate investment trust’s stock after buying an additional 267,709 shares during the period. Strs Ohio’s holdings in Taubman Centers were worth $58,197,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in the company. Kempen Capital Management N.V. boosted its stake in Taubman Centers by 24.8% in the first quarter. Kempen Capital Management N.V. now owns 28,619 shares of the real estate investment trust’s stock worth $2,038,000 after buying an additional 5,691 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its stake in Taubman Centers by 54.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 42,700 shares of the real estate investment trust’s stock worth $3,042,000 after buying an additional 15,100 shares in the last quarter. Menta Capital LLC bought a new stake in Taubman Centers during the first quarter worth approximately $698,000. NN Investment Partners Holdings N.V. bought a new stake in Taubman Centers during the first quarter worth approximately $1,021,000. Finally, JPMorgan Chase & Co. boosted its stake in Taubman Centers by 10.5% in the first quarter. JPMorgan Chase & Co. now owns 307,271 shares of the real estate investment trust’s stock worth $21,887,000 after buying an additional 29,210 shares in the last quarter. 96.95% of the stock is currently owned by hedge funds and other institutional investors.
Taubman Centers Inc. (NYSE:TCO) traded up 0.39% on Wednesday, hitting $74.07. The stock had a trading volume of 610,154 shares. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 38.98 and a beta of 0.91. The company has a 50 day moving average price of $77.50 and a 200-day moving average price of $73.28. Taubman Centers Inc. has a 52-week low of $63.32 and a 52-week high of $81.68.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.05. The firm earned $158.90 million during the quarter, compared to analyst estimates of $147.45 million. Taubman Centers had a return on equity of 173.60% and a net margin of 21.45%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.76 EPS. On average, equities research analysts predict that Taubman Centers Inc. will post $3.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a dividend of $0.595 per share. The ex-dividend date is Tuesday, September 13th. This represents a $2.38 annualized dividend and a yield of 3.21%. Taubman Centers’s dividend payout ratio (DPR) is 126.60%.
A number of research firms have recently commented on TCO. Credit Suisse Group AG reissued an “outperform” rating and issued a $85.00 target price on shares of Taubman Centers in a research note on Tuesday, August 2nd. Morgan Stanley set a $81.00 price objective on Taubman Centers and gave the company a “buy” rating in a research report on Thursday, August 11th. Citigroup Inc. increased their price objective on Taubman Centers from $76.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Zacks Investment Research cut Taubman Centers from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. Finally, Jefferies Group increased their price objective on Taubman Centers from $73.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, August 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Taubman Centers currently has a consensus rating of “Buy” and a consensus price target of $83.75.
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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