Taubman Centers Inc. (NYSE:TCO) was upgraded by research analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $87.00 price target on the real estate investment trust’s stock, up from their prior price target of $79.00. Goldman Sachs Group Inc.’s target price would indicate a potential upside of 16.23% from the stock’s current price.
TCO has been the topic of a number of other reports. BTIG Research assumed coverage on Taubman Centers in a research report on Thursday, August 25th. They issued a “neutral” rating on the stock. Citigroup Inc. increased their target price on Taubman Centers from $76.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Credit Suisse Group AG restated a “buy” rating and set a $85.00 target price on shares of Taubman Centers in a report on Wednesday, August 10th. TheStreet upgraded Taubman Centers from a “hold” rating to a “buy” rating in a report on Friday, July 1st. Finally, Mizuho restated a “buy” rating and set a $89.00 target price on shares of Taubman Centers in a report on Thursday, September 1st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Taubman Centers has a consensus rating of “Buy” and an average price target of $84.00.
Taubman Centers (NYSE:TCO) opened at 74.85 on Wednesday. The stock has a market cap of $4.52 billion, a PE ratio of 39.39 and a beta of 0.91. The company has a 50-day moving average price of $76.96 and a 200-day moving average price of $73.45. Taubman Centers has a 52 week low of $63.32 and a 52 week high of $81.68.
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. Analysts anticipate that Taubman Centers will post $3.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.595 dividend. This represents a $2.38 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Tuesday, September 13th. Taubman Centers’s payout ratio is 126.60%.
Institutional investors have recently added to or reduced their stakes in the stock. Americafirst Capital Management LLC bought a new position in Taubman Centers during the second quarter valued at $103,000. 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 valued at $130,000 after buying an additional 18 shares during the last quarter. Daiwa Securities Group Inc. raised its position in 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 during the last quarter. Oakbrook Investments LLC bought a new position in Taubman Centers during the second quarter valued at $217,000. Finally, BlackRock Japan Co. Ltd raised its position in 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 during the last quarter. 96.95% of the stock is currently owned by hedge funds and other institutional investors.
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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