Pictet Asset Management Ltd. Increases Holdings in Taubman Centers, Inc. (NYSE:TCO)

Pictet Asset Management Ltd. grew its position in Taubman Centers, Inc. (NYSE:TCO) by 39.2% in the first quarter, HoldingsChannel.com reports. The fund owned 10,300 shares of the real estate investment trust’s stock after buying an additional 2,900 shares during the period. Pictet Asset Management Ltd.’s holdings in Taubman Centers were worth $545,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in TCO. Principal Financial Group Inc. lifted its position in shares of Taubman Centers by 518.5% in the 4th quarter. Principal Financial Group Inc. now owns 2,194,577 shares of the real estate investment trust’s stock worth $99,832,000 after acquiring an additional 1,839,759 shares during the period. Norges Bank acquired a new position in shares of Taubman Centers in the 4th quarter worth approximately $45,118,000. Deutsche Bank AG raised its holdings in shares of Taubman Centers by 363.2% in the 4th quarter. Deutsche Bank AG now owns 623,392 shares of the real estate investment trust’s stock worth $28,356,000 after buying an additional 488,820 shares in the last quarter. Duff & Phelps Investment Management Co. raised its holdings in shares of Taubman Centers by 4,092.7% in the 1st quarter. Duff & Phelps Investment Management Co. now owns 473,776 shares of the real estate investment trust’s stock worth $25,053,000 after buying an additional 462,476 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in shares of Taubman Centers by 44.1% in the 1st quarter. Centersquare Investment Management LLC now owns 1,191,761 shares of the real estate investment trust’s stock worth $63,020,000 after buying an additional 364,622 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

In other Taubman Centers news, Director Mayree C. Clark purchased 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was purchased at an average cost of $51.94 per share, with a total value of $155,820.00. Following the acquisition, the director now directly owns 6,478 shares of the company’s stock, valued at approximately $336,467.32. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 31.20% of the company’s stock.

A number of brokerages have recently issued reports on TCO. Deutsche Bank set a $60.00 target price on Taubman Centers and gave the stock a “hold” rating in a report on Tuesday. Zacks Investment Research cut Taubman Centers from a “hold” rating to a “sell” rating in a report on Tuesday, May 21st. Mizuho set a $48.00 target price on Taubman Centers and gave the stock a “hold” rating in a report on Tuesday, February 19th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $55.00 target price on shares of Taubman Centers in a report on Thursday, February 14th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.99.

TCO stock opened at $43.30 on Thursday. Taubman Centers, Inc. has a fifty-two week low of $41.84 and a fifty-two week high of $65.50. The firm has a market cap of $2.63 billion, a P/E ratio of 11.31, a price-to-earnings-growth ratio of 2.92 and a beta of 0.82.

Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.65). Taubman Centers had a net margin of 11.23% and a negative return on equity of 24.45%. The business had revenue of $160.28 million for the quarter, compared to analyst estimates of $161.24 million. During the same period in the prior year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. Equities analysts anticipate that Taubman Centers, Inc. will post 3.69 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.675 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.70 dividend on an annualized basis and a yield of 6.24%. Taubman Centers’s dividend payout ratio is 70.50%.

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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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Institutional Ownership by Quarter for Taubman Centers (NYSE:TCO)

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