California Public Employees Retirement System grew its stake in Taubman Centers, Inc. (NYSE:TCO) by 6.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 154,277 shares of the real estate investment trust’s stock after buying an additional 9,064 shares during the period. California Public Employees Retirement System owned 0.25% of Taubman Centers worth $7,668,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Land & Buildings Investment Management LLC raised its holdings in shares of Taubman Centers by 28.1% during the second quarter. Land & Buildings Investment Management LLC now owns 920,447 shares of the real estate investment trust’s stock worth $54,813,000 after purchasing an additional 202,000 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Taubman Centers by 162.0% during the third quarter. JPMorgan Chase & Co. now owns 274,531 shares of the real estate investment trust’s stock worth $13,814,000 after purchasing an additional 169,730 shares during the last quarter. Sapience Investments LLC raised its holdings in shares of Taubman Centers by 2,828.6% during the second quarter. Sapience Investments LLC now owns 159,610 shares of the real estate investment trust’s stock worth $9,505,000 after purchasing an additional 154,160 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Taubman Centers by 21.6% during the third quarter. Schwab Charles Investment Management Inc. now owns 739,620 shares of the real estate investment trust’s stock worth $36,760,000 after purchasing an additional 131,387 shares during the last quarter. Finally, PointState Capital LP purchased a new position in shares of Taubman Centers during the second quarter worth $6,592,000.
In other news, COO William S. Taubman sold 35,000 shares of Taubman Centers stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total value of $2,193,800.00. Following the sale, the chief operating officer now owns 67,633 shares in the company, valued at $4,239,236.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Cornelia Connelly Marakovits bought 4,000 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was bought at an average price of $63.35 per share, for a total transaction of $253,400.00. Following the transaction, the director now owns 7,403 shares of the company’s stock, valued at $468,980.05. The disclosure for this purchase can be found here. Insiders sold 93,318 shares of company stock valued at $5,849,897 in the last ninety days. 31.20% of the stock is owned by corporate insiders.
Several research analysts recently issued reports on TCO shares. Jefferies Group reissued a “hold” rating and set a $57.00 target price on shares of Taubman Centers in a report on Tuesday, September 26th. Boenning Scattergood reissued a “hold” rating on shares of Taubman Centers in a report on Friday, November 3rd. BMO Capital Markets raised shares of Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 target price for the company in a report on Wednesday, December 13th. JPMorgan Chase & Co. cut shares of Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $64.00 to $57.00 in a report on Tuesday, September 26th. Finally, Mizuho reissued a “neutral” rating on shares of Taubman Centers in a report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $64.75.
Taubman Centers, Inc. (TCO) opened at $65.43 on Tuesday. Taubman Centers, Inc. has a fifty-two week low of $44.78 and a fifty-two week high of $76.79. The company has a debt-to-equity ratio of -21.77, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market cap of $3,990.00, a price-to-earnings ratio of 61.73, a price-to-earnings-growth ratio of 5.29 and a beta of 0.62.
Taubman Centers (NYSE:TCO) last released its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.06). Taubman Centers had a net margin of 13.21% and a negative return on equity of 75.87%. The firm had revenue of $153.20 million during the quarter, compared to analysts’ expectations of $155.95 million. During the same period in the previous year, the firm posted $0.94 EPS. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. equities research analysts expect that Taubman Centers, Inc. will post 3.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a $0.625 dividend. The ex-dividend date was Thursday, December 14th. This represents a $2.50 dividend on an annualized basis and a yield of 3.82%. Taubman Centers’s payout ratio is 235.85%.
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 (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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