Brokerages expect Taubman Centers (NYSE:TCO) to report $144.04 million in sales for the current quarter, Zacks reports. Fourteen analysts have provided estimates for Taubman Centers’ earnings. The lowest sales estimate is $136.28 million and the highest is $159.28 million. Taubman Centers reported sales of $149.08 million during the same quarter last year, which would suggest a negative year over year growth rate of 3.4%. The business is expected to report its next earnings report after the market closes on Thursday, April 26th.
On average, analysts expect that Taubman Centers will report full year sales of $596.71 million for the current fiscal year, with estimates ranging from $571.88 million to $667.60 million. For the next year, analysts forecast that the firm will post sales of $617.90 million per share, with estimates ranging from $588.64 million to $698.75 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Taubman Centers.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings data on Thursday, February 8th. The real estate investment trust reported $1.03 EPS for the quarter, beating the consensus estimate of $1.02 by $0.01. Taubman Centers had a negative return on equity of 57.04% and a net margin of 11.63%. The business had revenue of $172.18 million for the quarter, compared to the consensus estimate of $164.26 million. During the same quarter in the prior year, the business earned $1.01 earnings per share. Taubman Centers’s revenue for the quarter was up 9.8% on a year-over-year basis.
TCO has been the topic of several research analyst reports. BMO Capital Markets reiterated a “hold” rating and issued a $62.00 price objective on shares of Taubman Centers in a research note on Tuesday, January 9th. Sandler O’Neill set a $63.00 price objective on Taubman Centers and gave the company a “hold” rating in a research note on Tuesday, February 13th. Boenning Scattergood reiterated a “hold” rating on shares of Taubman Centers in a research note on Monday, February 12th. Zacks Investment Research upgraded Taubman Centers from a “sell” rating to a “hold” rating in a research note on Monday, February 26th. Finally, Mizuho set a $63.00 price objective on Taubman Centers and gave the company a “hold” rating in a research note on Friday, February 16th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $63.22.
In other Taubman Centers news, Director Craig M. Hatkoff sold 1,350 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $58.62, for a total transaction of $79,137.00. Following the sale, the director now owns 6,013 shares of the company’s stock, valued at approximately $352,482.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 31.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of TCO. JPMorgan Chase & Co. raised its holdings in Taubman Centers by 162.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 274,531 shares of the real estate investment trust’s stock valued at $13,814,000 after acquiring an additional 169,730 shares during the period. Dimensional Fund Advisors LP raised its holdings in Taubman Centers by 3.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 923,894 shares of the real estate investment trust’s stock valued at $45,919,000 after acquiring an additional 28,282 shares during the period. AMP Capital Investors Ltd raised its holdings in Taubman Centers by 228.3% during the 3rd quarter. AMP Capital Investors Ltd now owns 67,728 shares of the real estate investment trust’s stock valued at $3,366,000 after acquiring an additional 47,100 shares during the period. Asset Management One Co. Ltd. raised its holdings in Taubman Centers by 1.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 131,663 shares of the real estate investment trust’s stock valued at $6,615,000 after acquiring an additional 1,458 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in Taubman Centers during the 3rd quarter valued at $368,000.
Taubman Centers stock traded down $0.96 during trading on Monday, hitting $54.95. The stock had a trading volume of 964,060 shares, compared to its average volume of 474,783. Taubman Centers has a 1 year low of $44.78 and a 1 year high of $66.77. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of -23.70. The company has a market cap of $3,405.45, a price-to-earnings ratio of 14.85, a PEG ratio of 3.33 and a beta of 0.54.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Thursday, March 15th were issued a dividend of $0.655 per share. This is a boost from Taubman Centers’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $2.62 dividend on an annualized basis and a yield of 4.77%. Taubman Centers’s payout ratio is presently 70.81%.
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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 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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