Citigroup Trims Taubman Centers (TCO) Target Price to $57.00

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.

Taubman Centers (NYSE:TCO) last announced its earnings results on Monday, October 29th. The real estate investment trust reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.52). The company had revenue of $159.12 million during the quarter, compared to analyst estimates of $159.68 million. Taubman Centers had a negative return on equity of 45.76% and a net margin of 14.42%. Taubman Centers’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 earnings per share. Analysts predict that Taubman Centers will post 3.79 earnings per share for the current year.

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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