Taubman Centers, Inc. (TCO) to Issue Quarterly Dividend of $0.68 on March 29th

Taubman Centers, Inc. (NYSE:TCO) declared a quarterly dividend on Tuesday, March 5th, Wall Street Journal reports. Investors of record on Friday, March 15th will be paid a dividend of 0.675 per share by the real estate investment trust on Friday, March 29th. This represents a $2.70 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date is Thursday, March 14th. This is a positive change from Taubman Centers’s previous quarterly dividend of $0.66.

Taubman Centers has raised its dividend by an average of 5.1% per year over the last three years and has raised its dividend annually for the last 9 consecutive years. Taubman Centers has a payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Taubman Centers to earn $3.85 per share next year, which means the company should continue to be able to cover its $2.70 annual dividend with an expected future payout ratio of 70.1%.

Shares of NYSE TCO traded up $0.38 during trading on Wednesday, reaching $52.79. The stock had a trading volume of 2,479 shares, compared to its average volume of 478,416. Taubman Centers has a fifty-two week low of $43.44 and a fifty-two week high of $65.50. The stock has a market capitalization of $3.13 billion, a PE ratio of 13.79, a PEG ratio of 5.28 and a beta of 0.83.

Taubman Centers (NYSE:TCO) last issued its quarterly earnings data on Wednesday, February 13th. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.84). The firm had revenue of $167.50 million during the quarter, compared to analyst estimates of $168.91 million. Taubman Centers had a net margin of 11.84% and a negative return on equity of 34.31%. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 earnings per share. As a group, analysts expect that Taubman Centers will post 3.7 EPS for the current year.

A number of analysts have issued reports on the company. Morgan Stanley raised Taubman Centers from an “underweight” rating to an “equal weight” rating and set a $50.85 price target for the company in a report on Sunday, December 2nd. Zacks Investment Research raised Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Deutsche Bank set a $66.00 price target on Taubman Centers and gave the stock a “hold” rating in a report on Friday, November 30th. BMO Capital Markets reissued a “hold” rating and issued a $55.00 target price on shares of Taubman Centers in a report on Thursday, February 14th. Finally, Scotiabank raised Taubman Centers from an “underperform” rating to a “sector perform” rating and set a $53.00 target price for the company in a report on Monday, November 26th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $59.53.

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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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Dividend History for Taubman Centers (NYSE:TCO)

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