Zacks Investment Research lowered shares of Tanger Factory Outlet Centers (NYSE:SKT) from a buy rating to a hold rating in a report released on Wednesday.
According to Zacks, “Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust which focuses exclusively on developing, acquiring, owning and operating factory outlet centers. Since entering the factory outlet center business, they have become one of the largest owners and operators of factory outlet centers in the United States. “
Other equities analysts also recently issued research reports about the company. ValuEngine downgraded Tanger Factory Outlet Centers from a sell rating to a strong sell rating in a research note on Friday, September 7th. Scotiabank assumed coverage on Tanger Factory Outlet Centers in a research note on Tuesday, October 16th. They issued an underperform rating on the stock. Finally, Citigroup upped their price objective on 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 analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company has a consensus rating of Hold and a consensus target price of $22.88.
Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.63 EPS for the quarter, beating the consensus estimate of $0.60 by $0.03. Tanger Factory Outlet Centers had a return on equity of 9.57% and a net margin of 11.16%. The business had revenue of $124.24 million for the quarter, compared to the consensus estimate of $119.47 million. During the same quarter in the prior year, the business earned $0.63 earnings per share. Tanger Factory Outlet Centers’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts predict that Tanger Factory Outlet Centers will post 2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st were given a dividend of $0.35 per share. The ex-dividend date was Tuesday, October 30th. This represents a $1.40 annualized dividend and a dividend yield of 5.75%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 56.91%.
In other Tanger Factory Outlet Centers news, SVP Charles Allen Worsham sold 3,550 shares of the stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $23.63, for a total transaction of $83,886.50. Following the sale, the senior vice president now owns 32,493 shares in the company, valued at $767,809.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Carrie A. Warren sold 1,596 shares of the stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $23.34, for a total value of $37,250.64. Following the sale, the senior vice president now owns 51,905 shares in the company, valued at approximately $1,211,462.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,146 shares of company stock worth $382,352. Company insiders own 2.10% of the company’s stock.
Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its position in shares of Tanger Factory Outlet Centers by 182.4% during the third quarter. Tower Research Capital LLC TRC now owns 4,820 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 3,113 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth $119,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Tanger Factory Outlet Centers in the second quarter worth $217,000. Symons Capital Management Inc. bought a new position in shares of Tanger Factory Outlet Centers in the third quarter worth $287,000. Finally, Riverhead Capital Management LLC increased its holdings in shares of Tanger Factory Outlet Centers by 38.5% in the third quarter. Riverhead Capital Management LLC now owns 14,750 shares of the real estate investment trust’s stock worth $338,000 after purchasing an additional 4,100 shares during the period. Hedge funds and other institutional investors own 99.14% of the company’s stock.
Tanger Factory Outlet Centers Company Profile
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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