Taubman Centers (NYSE:TCO) announced its earnings results on Monday. The real estate investment trust reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.52), MarketWatch Earnings reports. The company had revenue of $159.12 million for the quarter, compared to analysts’ expectations of $159.68 million. Taubman Centers had a negative return on equity of 41.96% and a net margin of 11.95%. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the business earned $0.83 EPS. Taubman Centers updated its FY 2018 guidance to $3.76-3.84 EPS and its FY18 guidance to $3.76-3.84 EPS.
Shares of TCO traded up $2.33 during mid-day trading on Tuesday, hitting $57.98. 252,771 shares of the company’s stock were exchanged, compared to its average volume of 560,526. The stock has a market capitalization of $3.30 billion, a PE ratio of 15.67, a P/E/G ratio of 3.71 and a beta of 0.54. Taubman Centers has a fifty-two week low of $44.78 and a fifty-two week high of $66.61.
Several brokerages have weighed in on TCO. Scotiabank began coverage on shares of Taubman Centers in a research note on Tuesday, October 16th. They set an “underperform” rating for the company. BMO Capital Markets reaffirmed a “hold” rating and set a $62.00 target price on shares of Taubman Centers in a research note on Monday. Sandler O’Neill raised shares of Taubman Centers from a “hold” rating to a “buy” rating and increased their target price for the stock from $58.00 to $64.00 in a research note on Monday, October 22nd. Citigroup increased their target price on shares of Taubman Centers from $61.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, August 9th. Finally, Bank of America increased their target price on shares of Taubman Centers from $60.00 to $66.00 and gave the stock a “neutral” rating in a research note on Monday, August 13th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. Taubman Centers currently has a consensus rating of “Hold” and an average target price of $62.31.
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. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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