Tanger (NYSE:SKT) Releases Earnings Results

Tanger (NYSE:SKT) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04, Zacks reports. Tanger had a return on equity of 15.75% and a net margin of 19.15%.

Tanger Stock Performance

Tanger stock traded down $0.08 during trading on Tuesday, reaching $35.53. The company had a trading volume of 1,260,125 shares, compared to its average volume of 1,162,795. Tanger has a 52 week low of $28.69 and a 52 week high of $36.51. The firm’s 50-day simple moving average is $33.68 and its 200 day simple moving average is $33.44. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 37.80, a price-to-earnings-growth ratio of 1.56 and a beta of 1.18. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 2.20.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, January 30th. Tanger’s dividend payout ratio is 124.47%.

Analyst Ratings Changes

Several equities analysts have issued reports on SKT shares. Citigroup restated a “neutral” rating and set a $35.00 target price (down from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Scotiabank increased their price objective on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 14th. Barclays restated a “positive” rating and issued a $36.00 target price on shares of Tanger in a report on Tuesday, January 13th. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Hedge Funds Weigh In On Tanger

A number of hedge funds have recently made changes to their positions in the business. Summit Global Investments bought a new position in shares of Tanger during the fourth quarter worth $691,000. Mackenzie Financial Corp grew its position in shares of Tanger by 44.4% during the fourth quarter. Mackenzie Financial Corp now owns 10,846 shares of the real estate investment trust’s stock valued at $369,000 after purchasing an additional 3,337 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Tanger during the fourth quarter valued at about $118,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Tanger in the fourth quarter worth about $41,000. Finally, Wellington Management Group LLP increased its holdings in shares of Tanger by 11.3% in the fourth quarter. Wellington Management Group LLP now owns 2,427,912 shares of the real estate investment trust’s stock worth $81,019,000 after purchasing an additional 245,639 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.