Taubman Centers (NYSE:TCO) Reaches New 52-Week Low at $31.88

Taubman Centers, Inc. (NYSE:TCO)’s share price reached a new 52-week low on Monday . The stock traded as low as $31.88 and last traded at $31.99, with a volume of 853975 shares changing hands. The stock had previously closed at $32.48.

Several research firms have recently weighed in on TCO. Morgan Stanley reduced their price target on shares of Taubman Centers from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lowered shares of Taubman Centers from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $51.00 to $42.00 in a report on Tuesday, October 8th. ValuEngine raised shares of Taubman Centers from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Citigroup reduced their target price on shares of Taubman Centers from $43.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, September 27th. Finally, Sandler O’Neill lowered shares of Taubman Centers from a “buy” rating to a “hold” rating in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Taubman Centers currently has an average rating of “Hold” and an average price target of $50.14.

The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 8.33, a price-to-earnings-growth ratio of 2.23 and a beta of 0.64. The stock has a 50-day moving average of $35.35 and a 200-day moving average of $40.01.

Several institutional investors and hedge funds have recently modified their holdings of TCO. Profund Advisors LLC increased its stake in shares of Taubman Centers by 2.9% during the 2nd quarter. Profund Advisors LLC now owns 9,182 shares of the real estate investment trust’s stock worth $375,000 after purchasing an additional 261 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Taubman Centers by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 24,774 shares of the real estate investment trust’s stock valued at $1,012,000 after acquiring an additional 349 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Taubman Centers by 1.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,823 shares of the real estate investment trust’s stock valued at $1,422,000 after purchasing an additional 378 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Taubman Centers by 1.2% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 38,850 shares of the real estate investment trust’s stock valued at $1,586,000 after purchasing an additional 470 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Taubman Centers by 1.1% during the second quarter. Arizona State Retirement System now owns 44,393 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 504 shares during the period. 99.60% of the stock is owned by institutional investors.

About Taubman Centers (NYSE:TCO)

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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