Wolverine Asset Management LLC cut its stake in shares of Taubman Centers, Inc. (NYSE:TCO) by 85.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 8,303 shares of the real estate investment trust’s stock after selling 48,921 shares during the period. Wolverine Asset Management LLC’s holdings in Taubman Centers were worth $543,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Taubman Centers by 2.3% in the 4th quarter. BlackRock Inc. now owns 6,655,154 shares of the real estate investment trust’s stock valued at $435,445,000 after acquiring an additional 149,404 shares during the last quarter. Long Pond Capital LP increased its holdings in shares of Taubman Centers by 35.9% in the 4th quarter. Long Pond Capital LP now owns 4,115,222 shares of the real estate investment trust’s stock valued at $269,259,000 after acquiring an additional 1,086,367 shares during the last quarter. Cbre Clarion Securities LLC bought a new stake in shares of Taubman Centers in the 4th quarter valued at approximately $176,250,000. Bank of New York Mellon Corp increased its holdings in shares of Taubman Centers by 71.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,486,957 shares of the real estate investment trust’s stock valued at $97,291,000 after acquiring an additional 621,136 shares during the last quarter. Finally, AMP Capital Investors Ltd increased its holdings in shares of Taubman Centers by 1,468.2% in the 4th quarter. AMP Capital Investors Ltd now owns 1,062,078 shares of the real estate investment trust’s stock valued at $69,493,000 after acquiring an additional 994,350 shares during the last quarter.
Taubman Centers stock traded up $0.62 during trading hours on Thursday, reaching $56.90. The company had a trading volume of 197,582 shares, compared to its average volume of 823,499. The firm has a market capitalization of $3,436.51, a price-to-earnings ratio of 62.53, a price-to-earnings-growth ratio of 3.33 and a beta of 0.55. Taubman Centers, Inc. has a 52-week low of $44.78 and a 52-week high of $67.19. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of -23.70.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $1.03 earnings per share 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 firm had revenue of $172.18 million for the quarter, compared to analyst estimates of $164.26 million. During the same period in the previous year, the firm earned $1.01 earnings per share. Taubman Centers’s quarterly revenue was up 9.8% on a year-over-year basis. sell-side analysts anticipate that Taubman Centers, Inc. will post 3.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Thursday, March 15th will be given a $0.655 dividend. This is a positive change from Taubman Centers’s previous quarterly dividend of $0.63. This represents a $2.62 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend is Wednesday, March 14th. Taubman Centers’s dividend payout ratio is presently 291.11%.
A number of brokerages recently commented on TCO. BMO Capital Markets upgraded Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 price objective for the company in a research note on Wednesday, December 13th. Zacks Investment Research lowered Taubman Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Mizuho set a $63.00 price target on Taubman Centers and gave the stock a “hold” rating in a research report on Friday, February 16th. Citigroup boosted their price target on Taubman Centers from $58.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 13th. Finally, Sandler O’Neill set a $63.00 price target on Taubman Centers and gave the stock a “hold” rating in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. Taubman Centers presently has an average 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 company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $58.62, for a total value of $79,137.00. Following the transaction, the director now directly 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 SEC, which is accessible through the SEC website. Corporate insiders own 31.20% of the company’s stock.
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About Taubman Centers
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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