Shares of Taubman Centers (NYSE:TCO) traded up 0.57% during midday trading on Thursday, reaching $70.82. 265,961 shares of the company were exchanged. The firm has a market capitalization of $4.28 billion, a P/E ratio of 41.37 and a beta of 0.57. Taubman Centers has a 52 week low of $63.32 and a 52 week high of $81.68. The firm has a 50-day moving average of $72.22 and a 200 day moving average of $74.23.
Taubman Centers, Inc. (NYSE:TCO) released its quarterly earnings results on Thursday. The real estate investment trust reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.61. Taubman Centers had a net margin of 18.19% and a return on equity of 370.66%. The business had revenue of $166.19 million for the quarter, compared to the consensus estimate of $160.88 million. During the same period last year, the firm earned $0.98 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. Taubman Centers updated its FY17 guidance to $3.67-3.82 EPS.
Several brokerages have recently commented on TCO. Zacks Investment Research downgraded shares of Taubman Centers from a “hold” rating to a “sell” rating in a research report on Tuesday, January 31st. Mizuho restated a “buy” rating on shares of Taubman Centers in a research report on Friday, December 23rd. Oppenheimer Holdings, Inc. restated an “outperform” rating on shares of Taubman Centers in a research report on Tuesday, December 20th. Goldman Sachs Group, Inc. (The) downgraded shares of Taubman Centers from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $81.00 to $77.00 in a research report on Wednesday, January 11th. Finally, TheStreet downgraded shares of Taubman Centers from a “buy” rating to a “hold” rating in a research report on Tuesday, November 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Taubman Centers has an average rating of “Hold” and a consensus price target of $81.38.
In other news, Director Craig M. Hatkoff sold 2,400 shares of Taubman Centers stock in a transaction on Thursday, December 22nd. The shares were sold at an average price of $72.78, for a total value of $174,672.00. Following the transaction, the director now directly owns 4,839 shares of the company’s stock, valued at approximately $352,182.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.20% of the stock is currently owned by company insiders.
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 (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.