IndexIQ Advisors LLC Purchases New Position in Taubman Centers, Inc. (NYSE:TCO)

IndexIQ Advisors LLC purchased a new stake in Taubman Centers, Inc. (NYSE:TCO) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 32,315 shares of the real estate investment trust’s stock, valued at approximately $1,005,000. IndexIQ Advisors LLC owned 0.05% of Taubman Centers at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. State Street Corp increased its stake in Taubman Centers by 0.7% during the 3rd quarter. State Street Corp now owns 2,957,507 shares of the real estate investment trust’s stock worth $120,755,000 after purchasing an additional 20,506 shares in the last quarter. Principal Financial Group Inc. increased its stake in Taubman Centers by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 2,506,263 shares of the real estate investment trust’s stock worth $77,920,000 after purchasing an additional 78,242 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in Taubman Centers by 2.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 903,238 shares of the real estate investment trust’s stock worth $28,082,000 after purchasing an additional 22,350 shares in the last quarter. Millennium Management LLC increased its stake in Taubman Centers by 168.7% during the 3rd quarter. Millennium Management LLC now owns 709,879 shares of the real estate investment trust’s stock worth $28,984,000 after purchasing an additional 445,684 shares in the last quarter. Finally, MEAG MUNICH ERGO AssetManagement GmbH increased its stake in Taubman Centers by 6.9% during the 3rd quarter. MEAG MUNICH ERGO AssetManagement GmbH now owns 457,500 shares of the real estate investment trust’s stock worth $18,680,000 after purchasing an additional 29,400 shares in the last quarter. Institutional investors and hedge funds own 99.60% of the company’s stock.

TCO has been the subject of a number of research reports. Cfra raised Taubman Centers from a “sell” rating to a “hold” rating and increased their target price for the stock from $32.00 to $53.00 in a research note on Monday, February 10th. KeyCorp lowered their target price on 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. ValuEngine cut Taubman Centers from a “hold” rating to a “sell” 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. Finally, Morgan Stanley raised 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $47.21.

Shares of TCO opened at $53.25 on Friday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 16.19, a P/E/G ratio of 3.46 and a beta of 0.72. Taubman Centers, Inc. has a twelve month low of $26.24 and a twelve month high of $54.50. The company has a 50 day moving average of $33.14 and a 200-day moving average of $36.07.

Taubman Centers (NYSE:TCO) last issued its quarterly earnings results on Monday, February 10th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.76). The business had revenue of $176.70 million for the quarter, compared to the consensus estimate of $173.20 million. Taubman Centers had a negative return on equity of 87.50% and a net margin of 33.47%. Taubman Centers’s revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. Equities research analysts forecast that Taubman Centers, Inc. will post 3.72 EPS for the current year.

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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Institutional Ownership by Quarter for Taubman Centers (NYSE:TCO)

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