Strs Ohio Reduces Stake in Tanger Factory Outlet Centers, Inc. (SKT)

Strs Ohio cut its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 13.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 269,118 shares of the real estate investment trust’s stock after selling 41,618 shares during the period. Strs Ohio owned about 0.28% of Tanger Factory Outlet Centers worth $10,484,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in Tanger Factory Outlet Centers by 3.6% in the second quarter. PNC Financial Services Group Inc. now owns 9,037 shares of the real estate investment trust’s stock worth $364,000 after buying an additional 313 shares in the last quarter. Smith Salley & Associates acquired a new position in Tanger Factory Outlet Centers during the second quarter worth approximately $2,032,000. First Citizens Bank & Trust Co. increased its position in Tanger Factory Outlet Centers by 5.7% in the second quarter. First Citizens Bank & Trust Co. now owns 11,676 shares of the real estate investment trust’s stock worth $469,000 after buying an additional 629 shares in the last quarter. Trillium Asset Management LLC increased its position in Tanger Factory Outlet Centers by 1.5% in the second quarter. Trillium Asset Management LLC now owns 37,919 shares of the real estate investment trust’s stock worth $1,524,000 after buying an additional 566 shares in the last quarter. Finally, Deprince Race & Zollo Inc. increased its position in Tanger Factory Outlet Centers by 27.4% in the second quarter. Deprince Race & Zollo Inc. now owns 1,117,786 shares of the real estate investment trust’s stock worth $44,913,000 after buying an additional 240,741 shares in the last quarter. 93.76% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

Shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) traded up 0.28% during midday trading on Wednesday, hitting $35.80. 70,974 shares of the company were exchanged. Tanger Factory Outlet Centers, Inc. has a one year low of $29.46 and a one year high of $42.20. The firm has a market cap of $3.41 billion, a P/E ratio of 12.45 and a beta of 0.41. The company’s 50 day moving average price is $35.31 and its 200 day moving average price is $37.86.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, October 25th. The real estate investment trust reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Tanger Factory Outlet Centers had a return on equity of 42.50% and a net margin of 60.55%. The company earned $119.10 million during the quarter, compared to analyst estimates of $114.41 million. During the same period in the previous year, the company earned $0.59 earnings per share. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts expect that Tanger Factory Outlet Centers, Inc. will post $2.04 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 31st will be issued a dividend of $0.325 per share. The ex-dividend date of this dividend is Friday, January 27th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.64%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 44.98%.

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SKT has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Thursday, January 5th. Goldman Sachs Group, Inc. (The) downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “neutral” rating and reduced their price target for the company from $44.00 to $40.00 in a report on Wednesday, October 26th. Jefferies Group raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and boosted their price target for the company from $41.00 to $42.00 in a report on Wednesday, January 4th. Citigroup Inc. downgraded shares of Tanger Factory Outlet Centers from a “neutral” rating to a “sell” rating and set a $33.00 price target for the company. in a report on Tuesday, December 13th. Finally, Hilliard Lyons raised shares of Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a report on Monday, November 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $40.07.

In other news, Director Jeffrey B. Citrin bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was acquired at an average cost of $34.40 per share, for a total transaction of $34,400.00. Following the completion of the purchase, the director now owns 14,862 shares of the company’s stock, valued at approximately $511,252.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Lisa J. Morrison sold 4,500 shares of the company’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $33.89, for a total value of $152,505.00. Following the completion of the transaction, the vice president now owns 34,404 shares of the company’s stock, valued at $1,165,951.56. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing, acquiring, owning, operating and managing outlet shopping centers in the United States and Canada. The Company’s consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet.

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