Nationwide Fund Advisors Reduces Position in Taubman Centers, Inc. (NYSE:TCO)

Nationwide Fund Advisors reduced its stake in Taubman Centers, Inc. (NYSE:TCO) by 4.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,919 shares of the real estate investment trust’s stock after selling 8,303 shares during the quarter. Nationwide Fund Advisors owned 0.32% of Taubman Centers worth $9,588,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Planning increased its stake in Taubman Centers by 8.0% in the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock valued at $166,000 after buying an additional 206 shares during the last quarter. Virtu KCG Holdings LLC acquired a new stake in Taubman Centers in the 2nd quarter valued at $227,000. Riverhead Capital Management LLC increased its stake in Taubman Centers by 83.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock valued at $262,000 after buying an additional 1,997 shares during the last quarter. Shelton Capital Management acquired a new stake in Taubman Centers in the 2nd quarter valued at $269,000. Finally, World Asset Management Inc increased its stake in Taubman Centers by 1.4% in the 2nd quarter. World Asset Management Inc now owns 4,917 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 69 shares during the last quarter.

Several research firms have recently weighed in on TCO. JPMorgan Chase & Co. lowered shares of Taubman Centers from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $64.00 to $57.00 in a research note on Tuesday, September 26th. Jefferies Group reiterated a “hold” rating and issued a $57.00 price target on shares of Taubman Centers in a research note on Tuesday, September 26th. Zacks Investment Research lowered shares of Taubman Centers from a “hold” rating to a “sell” rating in a research note on Tuesday, October 24th. BMO Capital Markets upgraded shares of Taubman Centers from an “underperform” rating to a “market perform” rating and set a $48.00 price target on the stock in a research note on Wednesday, December 13th. Finally, Mizuho reissued a “neutral” rating on shares of Taubman Centers in a report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. Taubman Centers has a consensus rating of “Hold” and an average price target of $64.75.

Taubman Centers, Inc. (NYSE:TCO) traded down $0.22 during midday trading on Friday, reaching $65.43. 768,943 shares of the company’s stock were exchanged, compared to its average volume of 1,032,396. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of -21.77. The company has a market cap of $3,985.79, a P/E ratio of 62.31, a P/E/G ratio of 5.31 and a beta of 0.62. Taubman Centers, Inc. has a 52-week low of $44.78 and a 52-week high of $76.79.

Taubman Centers (NYSE:TCO) last posted its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $153.20 million during the quarter, compared to the consensus estimate of $155.95 million. During the same period in the prior year, the firm earned $0.94 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. research analysts forecast that Taubman Centers, Inc. will post 3.7 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date was Thursday, December 14th. Taubman Centers’s dividend payout ratio (DPR) is presently 238.10%.

In related news, CEO Robert S. Taubman sold 58,000 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total value of $3,635,440.00. Following the completion of the transaction, the chief executive officer now owns 16,953 shares of the company’s stock, valued at approximately $1,062,614.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Cornelia Connelly Marakovits acquired 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was bought at an average cost of $63.35 per share, with a total value of $253,400.00. Following the purchase, the director now owns 7,403 shares in the company, valued at $468,980.05. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 93,318 shares of company stock valued at $5,849,897. 31.20% of the stock is currently owned by insiders.

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Taubman Centers 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.

Institutional Ownership by Quarter for Taubman Centers (NYSE:TCO)

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