Tanger Factory Outlet Centers Inc. (NYSE:SKT) – Investment analysts at KeyCorp cut their FY2019 EPS estimates for shares of Tanger Factory Outlet Centers in a report issued on Sunday, December 2nd. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings of $2.40 per share for the year, down from their previous estimate of $2.46.
Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Thursday, November 22nd. Scotiabank began coverage on shares of Tanger Factory Outlet Centers in a research note on Tuesday, October 16th. They issued an “underperform” rating for the company. ValuEngine cut shares of Tanger Factory Outlet Centers from a “sell” rating to a “strong sell” rating in a research note on Friday, September 7th. Finally, Citigroup increased their target price on shares of Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the company a “neutral” rating in a research note on Thursday, August 16th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Tanger Factory Outlet Centers has an average rating of “Hold” and an average price target of $22.88.
Tanger Factory Outlet Centers (NYSE:SKT) last released its earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. The business had revenue of $124.24 million during the quarter, compared to analysts’ expectations of $119.47 million. During the same quarter last year, the company earned $0.63 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Tanger Factory Outlet Centers by 0.5% during the third quarter. Vanguard Group Inc. now owns 14,048,190 shares of the real estate investment trust’s stock worth $321,422,000 after purchasing an additional 64,251 shares during the period. Griffin Asset Management Inc. acquired a new stake in shares of Tanger Factory Outlet Centers during the third quarter worth approximately $490,000. Nordea Investment Management AB acquired a new stake in shares of Tanger Factory Outlet Centers during the third quarter worth approximately $4,363,000. Teachers Advisors LLC increased its holdings in shares of Tanger Factory Outlet Centers by 3.4% during the third quarter. Teachers Advisors LLC now owns 178,331 shares of the real estate investment trust’s stock worth $4,080,000 after buying an additional 5,833 shares in the last quarter. Finally, Macquarie Group Ltd. increased its holdings in shares of Tanger Factory Outlet Centers by 29.4% during the third quarter. Macquarie Group Ltd. now owns 46,250 shares of the real estate investment trust’s stock worth $1,058,000 after buying an additional 10,500 shares in the last quarter. Hedge funds and other institutional investors own 99.14% of the company’s stock.
In other Tanger Factory Outlet Centers news, VP Lisa J. Morrison sold 8,500 shares of the firm’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $23.89, for a total transaction of $203,065.00. Following the completion of the transaction, the vice president now owns 41,167 shares in the company, valued at $983,479.63. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Charles Allen Worsham sold 3,550 shares of the firm’s stock in a transaction dated Tuesday, November 27th. The stock was sold at an average price of $23.63, for a total transaction of $83,886.50. Following the transaction, the senior vice president now owns 32,493 shares of the company’s stock, valued at approximately $767,809.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,146 shares of company stock valued at $382,352. Corporate insiders own 2.10% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date was Tuesday, October 30th. Tanger Factory Outlet Centers’s dividend payout ratio is 56.91%.
About Tanger Factory Outlet Centers
Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 510 different brand name companies.
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