V3 Capital Management L.P. bought a new stake in Taubman Centers, Inc. (NYSE:TCO) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,287,500 shares of the real estate investment trust’s stock, valued at approximately $84,241,000. Taubman Centers comprises 11.5% of V3 Capital Management L.P.’s holdings, making the stock its 2nd biggest holding. V3 Capital Management L.P. owned approximately 2.12% of Taubman Centers as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of TCO. Aperio Group LLC grew its position in Taubman Centers by 52.0% in the third quarter. Aperio Group LLC now owns 18,721 shares of the real estate investment trust’s stock valued at $930,000 after acquiring an additional 6,401 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in Taubman Centers during the 3rd quarter worth approximately $370,000. Canada Pension Plan Investment Board lifted its holdings in Taubman Centers by 23.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 13,000 shares of the real estate investment trust’s stock worth $646,000 after purchasing an additional 2,500 shares during the last quarter. Sei Investments Co. lifted its holdings in Taubman Centers by 6.2% during the 3rd quarter. Sei Investments Co. now owns 223,983 shares of the real estate investment trust’s stock worth $11,133,000 after purchasing an additional 13,157 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its holdings in Taubman Centers by 41.7% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 182,413 shares of the real estate investment trust’s stock worth $9,207,000 after purchasing an additional 53,713 shares during the last quarter.
Several analysts recently weighed in on TCO shares. Zacks Investment Research raised Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, February 26th. Mizuho set a $63.00 price target on Taubman Centers and gave the company a “hold” rating in a research note on Friday, February 16th. Sandler O’Neill set a $63.00 price target 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. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $62.00 price target on shares of Taubman Centers in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $64.20.
Shares of Taubman Centers, Inc. (NYSE:TCO) traded down $0.28 during mid-day trading on Tuesday, reaching $57.42. The company had a trading volume of 46,126 shares, compared to its average volume of 870,727. The company has a market cap of $3,484.02, a price-to-earnings ratio of 64.11, a P/E/G ratio of 3.38 and a beta of 0.55. Taubman Centers, Inc. has a twelve month low of $44.78 and a twelve month high of $67.19. The company has a debt-to-equity ratio of -23.70, a current ratio of 0.40 and a quick ratio of 0.40.
Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Thursday, February 8th. The real estate investment trust reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.01. The business had revenue of $172.18 million for the quarter, compared to analyst estimates of $164.26 million. Taubman Centers had a negative return on equity of 57.04% and a net margin of 11.63%. Taubman Centers’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 EPS. sell-side analysts anticipate that Taubman Centers, Inc. will post 3.79 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be given a dividend of $0.655 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.62 dividend on an annualized basis and a yield of 4.56%. This is a positive change from Taubman Centers’s previous quarterly dividend of $0.63. Taubman Centers’s payout ratio is currently 277.78%.
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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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