Brokers Set Expectations for Tanger Factory Outlet Centers, Inc.’s FY2018 Earnings (SKT)

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) – Equities research analysts at KeyCorp upped their FY2018 earnings per share estimates for Tanger Factory Outlet Centers in a note issued to investors on Wednesday. KeyCorp analyst T. Thomas now forecasts that the real estate investment trust will earn $2.60 per share for the year, up from their previous estimate of $2.56.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by $0.35. Tanger Factory Outlet Centers had a net margin of 39.32% and a return on equity of 27.05%. The company had revenue of $121.37 million during the quarter, compared to the consensus estimate of $122.59 million. During the same quarter in the prior year, the company posted $0.56 EPS. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. TRADEMARK VIOLATION NOTICE: This piece of content was published by BBNS and is the property of of BBNS. If you are reading this piece of content on another publication, it was illegally stolen and republished in violation of United States and international copyright law. The correct version of this piece of content can be read at https://baseballnewssource.com/markets/brokers-set-expectations-for-tanger-factory-outlet-centers-inc-s-fy2018-earnings-skt-updated-updated-updated/1197129.html.

A number of other brokerages have also commented on SKT. Citigroup Inc. raised Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. ValuEngine lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 29th. Zacks Investment Research lowered Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, March 22nd. Finally, Bank of America Corporation lowered Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $28.00 to $25.50 in a research report on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Tanger Factory Outlet Centers currently has a consensus rating of “Hold” and an average price target of $36.08.

Shares of Tanger Factory Outlet Centers (SKT) traded up 1.44% during midday trading on Friday, hitting $26.85. The company’s stock had a trading volume of 538,421 shares. The company has a 50-day moving average price of $26.12 and a 200 day moving average price of $31.56. Tanger Factory Outlet Centers has a 1-year low of $24.71 and a 1-year high of $42.20. The company has a market cap of $2.56 billion, a P/E ratio of 13.71 and a beta of 0.45.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be issued a dividend of $0.3425 per share. This represents a $1.37 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date of this dividend is Thursday, July 27th. Tanger Factory Outlet Centers’s dividend payout ratio is currently 69.90%.

In other Tanger Factory Outlet Centers news, Director Allan L. Schuman sold 32,930 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $28.52, for a total transaction of $939,163.60. Following the completion of the sale, the director now directly owns 43,953 shares of the company’s stock, valued at approximately $1,253,539.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chad Perry sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $27.57, for a total value of $220,560.00. Following the sale, the executive vice president now directly owns 78,112 shares of the company’s stock, valued at $2,153,547.84. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of SKT. Glen Harbor Capital Management LLC raised 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 in the last quarter. Elkfork Partners LLC raised its stake 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 worth $145,000 after buying an additional 168 shares in the last quarter. Utah Retirement Systems raised its stake in shares of Tanger Factory Outlet Centers by 1.0% in the first quarter. Utah Retirement Systems now owns 21,185 shares of the real estate investment trust’s stock worth $694,000 after buying an additional 200 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Meadow Creek Investment Management LLC now owns 5,372 shares of the real estate investment trust’s stock worth $176,000 after buying an additional 204 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Tanger Factory Outlet Centers by 3.5% in the first quarter. PNC Financial Services Group Inc. now owns 10,105 shares of the real estate investment trust’s stock worth $331,000 after buying an additional 344 shares in the last quarter. 94.70% of the stock is owned by hedge funds and other institutional investors.

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 and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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