Equities research analysts predict that Tanger Factory Outlet Centers Inc. (NYSE:SKT) will post sales of $114.98 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Tanger Factory Outlet Centers’ earnings. The highest sales estimate is $116.48 million and the lowest is $113.47 million. Tanger Factory Outlet Centers reported sales of $121.00 million in the same quarter last year, which indicates a negative year-over-year growth rate of 5%. The company is expected to announce its next earnings results after the market closes on Wednesday, October 30th.
According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full-year sales of $468.22 million for the current year, with estimates ranging from $461.92 million to $474.51 million. For the next financial year, analysts forecast that the business will post sales of $458.25 million, with estimates ranging from $446.45 million to $470.05 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Tanger Factory Outlet Centers.
A number of equities analysts recently commented on the company. ValuEngine upgraded Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Citigroup set a $16.00 price objective on Tanger Factory Outlet Centers and gave the stock a “hold” rating in a research report on Friday, June 28th. Finally, Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research report on Wednesday, September 18th. Four analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. Tanger Factory Outlet Centers has an average rating of “Hold” and an average target price of $19.60.
Large investors have recently made changes to their positions in the stock. Aperio Group LLC increased its holdings in shares of Tanger Factory Outlet Centers by 152.4% in the second quarter. Aperio Group LLC now owns 75,327 shares of the real estate investment trust’s stock valued at $1,221,000 after buying an additional 45,478 shares in the last quarter. Man Group plc increased its holdings in shares of Tanger Factory Outlet Centers by 31.7% in the second quarter. Man Group plc now owns 541,500 shares of the real estate investment trust’s stock valued at $8,778,000 after buying an additional 130,400 shares in the last quarter. Lido Advisors LLC bought a new position in shares of Tanger Factory Outlet Centers in the second quarter valued at $486,000. JPMorgan Chase & Co. raised its stake in Tanger Factory Outlet Centers by 25.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 219,555 shares of the real estate investment trust’s stock valued at $3,517,000 after purchasing an additional 44,947 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Tanger Factory Outlet Centers by 77.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 86,633 shares of the real estate investment trust’s stock valued at $1,404,000 after purchasing an additional 37,677 shares during the period. 98.09% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:SKT traded up $0.02 during mid-day trading on Friday, reaching $15.42. The stock had a trading volume of 31,129 shares, compared to its average volume of 2,427,492. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 6.19 and a beta of 0.68. Tanger Factory Outlet Centers has a 1-year low of $13.61 and a 1-year high of $24.65. The stock’s 50 day simple moving average is $15.11 and its two-hundred day simple moving average is $16.86. The company has a debt-to-equity ratio of 3.25, a current ratio of 0.12 and a quick ratio of 0.12.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.355 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $1.42 annualized dividend and a dividend yield of 9.21%. Tanger Factory Outlet Centers’s dividend payout ratio is presently 57.26%.
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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.
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