Taubman Centers, Inc. (NYSE:TCO) Short Interest Up 131.9% in March

Taubman Centers, Inc. (NYSE:TCO) saw a significant increase in short interest in March. As of March 13th, there was short interest totalling 9,230,700 shares, an increase of 131.9% from the February 27th total of 3,980,000 shares. Based on an average daily trading volume, of 2,710,000 shares, the short-interest ratio is currently 3.4 days. Approximately 16.4% of the company’s shares are sold short.

A number of research firms recently issued reports on TCO. Citigroup increased their price target on shares of Taubman Centers from $33.00 to $52.50 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Morgan Stanley increased their price target on shares of Taubman Centers from $29.50 to $52.50 and gave the stock an “equal weight” rating in a research note on Monday, February 10th. JPMorgan Chase & Co. raised shares of Taubman Centers from an “underweight” rating to a “neutral” rating in a research note on Monday, February 10th. KeyCorp decreased their price target on shares of Taubman Centers from $69.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. They noted that the move was a valuation call. Finally, Cfra raised shares of Taubman Centers from a “sell” rating to a “hold” rating and increased their price target for the stock from $32.00 to $53.00 in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $50.00.

TCO traded down $1.62 during midday trading on Friday, reaching $46.39. The company’s stock had a trading volume of 1,258,260 shares, compared to its average volume of 4,049,182. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 12.91 and a beta of -0.45. Taubman Centers has a 1 year low of $26.24 and a 1 year high of $54.50. The stock’s 50-day moving average is $48.81 and its 200-day moving average is $38.06.

Taubman Centers (NYSE:TCO) last announced its quarterly earnings data on Monday, February 10th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.76). The business had revenue of $176.70 million during the quarter, compared to analysts’ expectations of $173.20 million. Taubman Centers had a negative return on equity of 94.55% and a net margin of 33.47%. Taubman Centers’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. Sell-side analysts anticipate that Taubman Centers will post 3.69 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date of this dividend is Friday, March 13th. Taubman Centers’s dividend payout ratio (DPR) is presently 72.78%.

A number of institutional investors and hedge funds have recently made changes to their positions in TCO. Marshall Wace North America L.P. purchased a new stake in Taubman Centers in the first quarter worth about $37,000. Amundi Pioneer Asset Management Inc. grew its holdings in Taubman Centers by 72.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 65,635 shares of the real estate investment trust’s stock worth $3,471,000 after purchasing an additional 27,570 shares during the period. First Trust Advisors LP grew its holdings in shares of Taubman Centers by 7.7% during the third quarter. First Trust Advisors LP now owns 13,913 shares of the real estate investment trust’s stock valued at $568,000 after buying an additional 998 shares during the last quarter. State Street Corp grew its holdings in shares of Taubman Centers by 0.7% during the third quarter. State Street Corp now owns 2,957,507 shares of the real estate investment trust’s stock valued at $120,755,000 after buying an additional 20,506 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of Taubman Centers during the third quarter valued at approximately $1,281,000. Institutional investors and hedge funds own 99.60% of the company’s stock.

Taubman Centers Company Profile

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 and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.

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