Taubman Centers, Inc. (NYSE:TCO) was the target of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 3,038,000 shares, a decline of 12.4% from the May 30th total of 3,469,600 shares. Approximately 5.1% of the company’s stock are sold short. Based on an average trading volume of 436,500 shares, the days-to-cover ratio is currently 7.0 days.
Shares of NYSE TCO traded down $0.30 during midday trading on Friday, reaching $40.90. The company’s stock had a trading volume of 272,122 shares, compared to its average volume of 519,194. Taubman Centers has a fifty-two week low of $39.39 and a fifty-two week high of $65.50. The stock’s 50 day moving average price is $42.96. The firm has a market cap of $2.50 billion, a P/E ratio of 10.99, a P/E/G ratio of 2.78 and a beta of 0.72.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.65). The company had revenue of $160.28 million for the quarter, compared to analyst estimates of $161.24 million. Taubman Centers had a negative return on equity of 24.45% and a net margin of 11.23%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company posted $1.04 earnings per share. On average, equities research analysts anticipate that Taubman Centers will post 3.68 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.675 per share. The ex-dividend date was Thursday, June 13th. This represents a $2.70 annualized dividend and a dividend yield of 6.60%. Taubman Centers’s dividend payout ratio (DPR) is presently 70.50%.
A number of equities analysts recently commented on the company. Morgan Stanley reiterated an “overweight” rating on shares of in a report on Thursday, June 20th. ValuEngine upgraded Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Citigroup restated a “buy” rating on shares of Healthequity in a report on Friday, June 28th. Deutsche Bank set a $60.00 price objective on Taubman Centers and gave the stock a “hold” rating in a report on Tuesday, June 11th. Finally, Zacks Investment Research cut HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 21st. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Taubman Centers has a consensus rating of “Hold” and an average target price of $57.18.
In other Taubman Centers news, Director Mayree C. Clark purchased 3,000 shares of Taubman Centers stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average price of $51.94 per share, for a total transaction of $155,820.00. Following the completion of the acquisition, the director now owns 6,478 shares of the company’s stock, valued at approximately $336,467.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 31.00% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the company. First Trust Advisors LP boosted its position in Taubman Centers by 70.8% during the 4th quarter. First Trust Advisors LP now owns 19,010 shares of the real estate investment trust’s stock worth $865,000 after acquiring an additional 7,882 shares during the period. Bank of New York Mellon Corp boosted its position in Taubman Centers by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 810,750 shares of the real estate investment trust’s stock worth $36,881,000 after acquiring an additional 2,179 shares during the period. Van ECK Associates Corp boosted its position in Taubman Centers by 8.7% during the 4th quarter. Van ECK Associates Corp now owns 12,816 shares of the real estate investment trust’s stock worth $583,000 after acquiring an additional 1,031 shares during the period. Northern Trust Corp boosted its position in Taubman Centers by 2.5% during the 4th quarter. Northern Trust Corp now owns 869,247 shares of the real estate investment trust’s stock worth $39,541,000 after acquiring an additional 21,097 shares during the period. Finally, Great West Life Assurance Co. Can boosted its position in Taubman Centers by 12.1% during the 4th quarter. Great West Life Assurance Co. Can now owns 77,268 shares of the real estate investment trust’s stock worth $3,252,000 after acquiring an additional 8,366 shares during the period. Institutional investors own 99.50% of the company’s stock.
About Taubman Centers
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.
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