Brokerages predict that Taubman Centers, Inc. (NYSE:TCO) will report sales of $146.99 million for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Taubman Centers’ earnings, with the lowest sales estimate coming in at $138.91 million and the highest estimate coming in at $156.34 million. Taubman Centers reported sales of $139.70 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.2%. The business is scheduled to issue its next earnings report after the market closes on Thursday, July 25th.
According to Zacks, analysts expect that Taubman Centers will report full year sales of $615.82 million for the current fiscal year, with estimates ranging from $582.34 million to $640.92 million. For the next fiscal year, analysts anticipate that the firm will report sales of $634.74 million, with estimates ranging from $591.86 million to $671.37 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Taubman Centers.
Taubman Centers (NYSE:TCO) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing the 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 company had revenue of $160.28 million for the quarter, compared to analysts’ expectations of $161.24 million. During the same period in the previous year, the firm earned $1.04 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis.
Several brokerages recently issued reports on TCO. Citigroup set a $43.00 target price on shares of Taubman Centers and gave the company a “hold” rating in a research report on Friday, June 28th. Morgan Stanley set a $45.00 target price on shares of Taubman Centers and gave the company a “hold” rating in a research report on Thursday, June 20th. Deutsche Bank set a $60.00 target price on shares of Taubman Centers and gave the company a “hold” rating in a research report on Tuesday, June 11th. Zacks Investment Research lowered shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Tuesday, May 21st. Finally, ValuEngine lowered shares of Taubman Centers from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 22nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. Taubman Centers currently has an average rating of “Hold” and a consensus price target of $57.18.
TCO opened at $41.10 on Thursday. The firm’s 50 day moving average is $44.12. Taubman Centers has a twelve month low of $39.39 and a twelve month high of $65.50. The stock has a market capitalization of $2.51 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 2.79 and a beta of 0.72.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.675 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $2.70 annualized dividend and a yield of 6.57%. Taubman Centers’s dividend payout ratio (DPR) is 70.50%.
In other news, Director Mayree C. Clark purchased 3,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was acquired at an average cost of $51.94 per share, for a total transaction of $155,820.00. Following the completion of the transaction, the director now directly owns 6,478 shares in the company, valued at approximately $336,467.32. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 31.00% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of TCO. Quadrant Capital Group LLC boosted its position in shares of Taubman Centers by 174.6% in the first quarter. Quadrant Capital Group LLC now owns 670 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 426 shares during the period. Nalls Sherbakoff Group LLC bought a new position in shares of Taubman Centers in the fourth quarter worth approximately $37,000. Marshall Wace North America L.P. bought a new position in shares of Taubman Centers in the first quarter worth approximately $37,000. First Hawaiian Bank boosted its position in shares of Taubman Centers by 28.4% in the first quarter. First Hawaiian Bank now owns 1,460 shares of the real estate investment trust’s stock worth $77,000 after purchasing an additional 323 shares during the period. Finally, Klingenstein Fields & Co. LLC bought a new position in shares of Taubman Centers in the first quarter worth approximately $202,000. Institutional investors and hedge funds own 99.50% of the company’s stock.
Taubman Centers Company Profile
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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