Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Announces Quarterly Earnings Results

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01, Bloomberg Earnings reports. The firm had revenue of $119.60 million for the quarter, compared to analyst estimates of $122 million. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 EPS. Tanger Factory Outlet Centers updated its FY17 guidance to $2.40-2.45 EPS.

Shares of Tanger Factory Outlet Centers (SKT) traded down 1.07% on Friday, hitting $24.06. The stock had a trading volume of 2,475,790 shares. Tanger Factory Outlet Centers has a 52 week low of $23.67 and a 52 week high of $41.19. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 15.98 and a beta of 0.46. The company has a 50-day moving average of $26.18 and a 200 day moving average of $29.35.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were paid a dividend of $0.3425 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $1.37 annualized dividend and a dividend yield of 5.69%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 90.73%.

In related news, COO Thomas E. Mcdonough sold 10,734 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total transaction of $287,027.16. Following the completion of the sale, the chief operating officer now directly owns 180,551 shares of the company’s stock, valued at $4,827,933.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.10% of the company’s stock.

Several hedge funds have recently modified their holdings of SKT. Glen Harbor Capital Management LLC increased its stake in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,476 shares of the real estate investment trust’s stock worth $114,000 after buying an additional 132 shares during the last quarter. RMR Advisors LLC acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth approximately $114,000. Advisor Group Inc. increased its stake in shares of Tanger Factory Outlet Centers by 6.5% in the second quarter. Advisor Group Inc. now owns 4,968 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 303 shares during the last quarter. Salem Investment Counselors Inc. raised its position in shares of Tanger Factory Outlet Centers by 164.2% in the second quarter. Salem Investment Counselors Inc. now owns 4,900 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 3,045 shares during the period. Finally, Elkfork Partners LLC raised its position in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Elkfork Partners LLC now owns 4,424 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 168 shares during the period. 97.97% of the stock is owned by institutional investors.

Tanger Factory Outlet Centers declared that its Board of Directors has approved a stock buyback program on Friday, May 19th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the real estate investment trust to repurchase up to 54% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

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Several research analysts have weighed in on SKT shares. Zacks Investment Research lowered Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, May 17th. ValuEngine lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. raised Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. Jefferies Group LLC lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and lowered their price target for the stock from $38.00 to $29.00 in a research report on Friday, June 16th. Finally, Bank of America Corporation lowered Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $28.00 to $25.50 in a research report on Friday, June 23rd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Tanger Factory Outlet Centers presently has a consensus rating of “Hold” and an average target price of $32.43.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

Earnings History for Tanger Factory Outlet Centers (NYSE:SKT)

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