According to Zacks, “Shares of Taubman Centers have underperformed the industry it belongs to, over the past three months. Moreover, the trend in estimate revisions of 2019 funds from operations (FFO) per share does not indicate a favorable outlook for the company. Notably, a solid retail real estate portfolio, high-quality retailers in tenant roster and diligent restructuring measures augur well for long-term growth. Additionally, by replacing lower volume tenants with higher productive retailers, the company aims to improve merchandizing and productivity at its malls. However, declining mall traffic, bankruptcies and store closures have emerged as pressing concerns for Taubman Centers. Also, unfavorable foreign-currency movements might escalate risks.”
A number of other analysts have also weighed in on the stock. Mizuho set a $48.00 target price on shares of Taubman Centers and gave the company a hold rating in a research report on Tuesday, February 19th. BMO Capital Markets restated a hold rating and issued a $55.00 target price on shares of Taubman Centers in a research report on Thursday, February 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $59.53.
Taubman Centers (NYSE:TCO) last issued its earnings results on Tuesday, April 30th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $161.24 million. During the same quarter in the prior year, the business earned $1.04 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. Analysts forecast that Taubman Centers will post 3.67 earnings per share for the current fiscal year.
In other Taubman Centers news, Director Mayree C. Clark purchased 3,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was purchased at an average price of $51.94 per share, with a total value of $155,820.00. Following the completion of the purchase, the director now owns 6,478 shares of the company’s stock, valued at $336,467.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 31.20% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in TCO. Quadrant Capital Group LLC raised its stake in shares of Taubman Centers by 174.6% during the first quarter. Quadrant Capital Group LLC now owns 670 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 426 shares during the last quarter. Blume Capital Management Inc. bought a new position in shares of Taubman Centers during the fourth quarter valued at $36,000. Nalls Sherbakoff Group LLC bought a new position in shares of Taubman Centers during the fourth quarter valued at $37,000. Marshall Wace North America L.P. bought a new position in shares of Taubman Centers during the first quarter valued at $37,000. Finally, Pearl River Capital LLC bought a new position in shares of Taubman Centers during the fourth quarter valued at $46,000.
About Taubman Centers
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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