Taubman Centers, Inc. (TCO) Downgraded to “Underweight” at Morgan Stanley

Morgan Stanley downgraded shares of Taubman Centers, Inc. (NYSE:TCO) from an equal weight rating to an underweight rating in a research note issued to investors on Monday.

TCO has been the topic of several other research reports. BidaskClub upgraded Taubman Centers from a hold rating to a buy rating in a research report on Friday, June 30th. Deutsche Bank AG increased their target price on Taubman Centers from $68.00 to $71.00 and gave the stock a hold rating in a report on Monday, May 22nd. Zacks Investment Research lowered Taubman Centers from a hold rating to a sell rating in a report on Monday, July 31st. Boenning Scattergood reissued a hold rating on shares of Taubman Centers in a report on Monday, July 31st. Finally, ValuEngine lowered Taubman Centers from a buy rating to a hold rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $71.00.

Shares of Taubman Centers (NYSE TCO) opened at 50.82 on Monday. Taubman Centers has a 1-year low of $50.57 and a 1-year high of $78.65. The firm has a market cap of $3.09 billion, a P/E ratio of 39.27 and a beta of 0.50. The firm’s 50-day moving average is $53.55 and its 200-day moving average is $59.98.

Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02. The business had revenue of $154.68 million for the quarter, compared to analysts’ expectations of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.04 EPS. On average, analysts anticipate that Taubman Centers will post $1.08 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.92%. Taubman Centers’s dividend payout ratio (DPR) is 193.80%.

In related news, Director Myron E. Ullman III acquired 12,325 shares of the stock in a transaction dated Wednesday, August 9th. The stock was bought at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the transaction, the director now directly owns 16,646 shares of the company’s stock, valued at $947,157.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 31.20% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Creative Planning increased its holdings in Taubman Centers by 8.0% in the second quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock worth $166,000 after purchasing an additional 206 shares in the last quarter. Virtu KCG Holdings LLC purchased a new position in Taubman Centers in the second quarter worth $227,000. Riverhead Capital Management LLC boosted its position in Taubman Centers by 83.2% in the second quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 1,997 shares during the last quarter. Shelton Capital Management purchased a new position in Taubman Centers in the second quarter worth $269,000. Finally, LS Investment Advisors LLC boosted its position in Taubman Centers by 16.8% in the second quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock worth $286,000 after purchasing an additional 692 shares during the last quarter. Institutional investors and hedge funds own 98.53% of the company’s stock.

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.

Analyst Recommendations for Taubman Centers (NYSE:TCO)

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