Taubman Centers (NYSE:TCO) had its target price trimmed by Citigroup from $66.00 to $57.00 in a research note issued to investors on Wednesday morning. The brokerage currently has a hold rating on the real estate investment trust’s stock.
A number of other brokerages have also weighed in on TCO. Scotiabank initiated coverage on shares of Taubman Centers in a research note on Tuesday, October 16th. They issued an underperform rating for the company. Sandler O’Neill raised shares of Taubman Centers from a hold rating to a buy rating and upped their target price for the stock from $58.00 to $64.00 in a research note on Monday, October 22nd. ValuEngine raised shares of Taubman Centers from a sell rating to a hold rating in a research note on Monday, July 30th. BMO Capital Markets set a $62.00 target price on shares of Taubman Centers and gave the stock a hold rating in a research note on Monday, July 30th. Finally, Zacks Investment Research lowered shares of Taubman Centers from a hold rating to a sell rating in a research note on Monday, August 13th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $61.19.
Shares of NYSE TCO opened at $50.30 on Wednesday. The firm has a market capitalization of $3.08 billion, a P/E ratio of 13.59, a P/E/G ratio of 3.87 and a beta of 0.64. Taubman Centers has a 1-year low of $49.84 and a 1-year high of $66.61.
In other Taubman Centers news, Director Jonathan Litt acquired 1,000 shares of Taubman Centers stock in a transaction dated Monday, November 5th. The stock was bought at an average cost of $54.32 per share, for a total transaction of $54,320.00. Following the purchase, the director now directly owns 3,653 shares in the company, valued at approximately $198,430.96. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 31.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of Taubman Centers by 185.7% in the 1st quarter. Royal Bank of Canada now owns 28,053 shares of the real estate investment trust’s stock valued at $1,596,000 after purchasing an additional 18,235 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Taubman Centers by 4.3% in the 1st quarter. Principal Financial Group Inc. now owns 422,725 shares of the real estate investment trust’s stock valued at $24,058,000 after purchasing an additional 17,472 shares during the period. Bank of Montreal Can raised its holdings in shares of Taubman Centers by 159.2% in the 2nd quarter. Bank of Montreal Can now owns 36,848 shares of the real estate investment trust’s stock valued at $2,166,000 after purchasing an additional 22,631 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of Taubman Centers in the 2nd quarter valued at about $215,000. Finally, World Asset Management Inc bought a new stake in shares of Taubman Centers in the 2nd quarter valued at about $210,000.
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. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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