Long Pond Capital Lp buys $307.9 Million stake in Taubman Centers (TCO)

Taubman Centers (TCO) : Long Pond Capital Lp scooped up 602,757 additional shares in Taubman Centers during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 4,385,403 shares of Taubman Centers which is valued at $307.9 Million.Taubman Centers makes up approximately 16.12% of Long Pond Capital Lp’s portfolio.

Other Hedge Funds, Including , Quadrature Capital Ltd added TCO to its portfolio by purchasing 56,883 company shares during the most recent quarter which is valued at $4 Million. Taubman Centers makes up approx 0.55% of Quadrature Capital Ltd’s portfolio.Janney Montgomery Scott boosted its stake in TCO in the latest quarter, The investment management firm added 5,766 additional shares and now holds a total of 17,026 shares of Taubman Centers which is valued at $1.2 Million. Taubman Centers makes up approx 0.03% of Janney Montgomery Scott’s portfolio. Wesley Capital Management sold out all of its stake in TCO during the most recent quarter. The investment firm sold 18,000 shares of TCO which is valued $1.3 Million.State Of New Jersey Common Pension Fund D boosted its stake in TCO in the latest quarter, The investment management firm added 5,000 additional shares and now holds a total of 22,000 shares of Taubman Centers which is valued at $1.5 Million. Taubman Centers makes up approx 0.01% of State Of New Jersey Common Pension Fund D’s portfolio.

Taubman Centers opened for trading at $68.49 and hit $69.07 on the upside on Wednesday, eventually ending the session at $68.96, with a gain of 0.63% or 0.43 points. The heightened volatility saw the trading volume jump to 4,69,230 shares. Company has a market cap of $4,161 M.

On the company’s financial health, Taubman Centers reported $0.84 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on May 2, 2016. Analyst had a consensus of $0.85. The company had revenue of $139.46 million for the quarter, compared to analysts expectations of $137.80 million. The company’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 EPS.

Many Wall Street Analysts have commented on Taubman Centers. Mizuho Initiated Taubman Centers on Apr 14, 2016 to “Buy”, Price Target of the shares are set at $86.Taubman Centers was Upgraded by Jefferies to ” Hold” on Feb 29, 2016.

Taubman Centers Inc. is a self-administered and self-managed real estate investment trust (REIT). 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. The Company owns leases acquires disposes of develops expands and manages regional and super-regional shopping centers and interests therein. The Company’s portfolio of operating centers as of December 31 2014 consisted of 18 urban and suburban shopping centers in 10 states. The centers are located in metropolitan areas including Denver Detroit Los Angeles Miami Nashville New York City Orlando Salt Lake City San Francisco Sarasota Saint Louis Tampa and Washington D.C. The centers range in size between 236000 and 1.6 million square feet of gross leasable area (GLA) and between 186000 and 671000 square feet of Mall GLA with an average of 1 million and 0.5 million square feet respectively.

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