Analysts expect that Tanger Factory Outlet Centers, Inc. (NYSE:SKT) will post earnings per share of $0.58 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Tanger Factory Outlet Centers’ earnings, with the highest EPS estimate coming in at $0.59 and the lowest estimate coming in at $0.57. Tanger Factory Outlet Centers reported earnings of $0.59 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 1.7%. The firm is scheduled to issue its next earnings results after the market closes on Tuesday, August 1st.
According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full year earnings of $2.41 per share for the current year, with EPS estimates ranging from $2.38 to $2.42. For the next fiscal year, analysts forecast that the firm will report earnings of $2.55 per share, with EPS estimates ranging from $2.50 to $2.60. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Tanger Factory Outlet Centers.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.35. Tanger Factory Outlet Centers had a return on equity of 27.05% and a net margin of 39.32%. The company had revenue of $121.37 million for the quarter, compared to the consensus estimate of $122.59 million. During the same period last year, the firm posted $0.56 EPS. The company’s revenue was up 9.5% compared to the same quarter last year.
Several equities research analysts have issued reports on the company. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Wednesday, March 29th. Jefferies Group LLC downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and cut their price target for the company from $38.00 to $29.00 in a report on Friday, June 16th. Bank of America Corporation downgraded Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and cut their price target for the company from $28.00 to $25.50 in a report on Friday, June 23rd. BidaskClub raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. Finally, ValuEngine downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $35.71.
In other Tanger Factory Outlet Centers news, EVP Chad Perry sold 8,000 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $27.57, for a total transaction of $220,560.00. Following the transaction, the executive vice president now owns 78,112 shares in the company, valued at approximately $2,153,547.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Allan L. Schuman sold 32,930 shares of the stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $28.52, for a total value of $939,163.60. Following the transaction, the director now owns 43,953 shares in the company, valued at approximately $1,253,539.56. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Glen Harbor Capital Management LLC boosted its position in 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 valued at $114,000 after buying an additional 132 shares during the last quarter. RMR Advisors LLC purchased a new position in Tanger Factory Outlet Centers during the second quarter valued at $114,000. Elkfork Partners LLC boosted its position in 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 valued at $145,000 after buying an additional 168 shares during the last quarter. Meadow Creek Investment Management LLC boosted its position in 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 valued at $176,000 after buying an additional 204 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in Tanger Factory Outlet Centers by 19.9% in the second quarter. LS Investment Advisors LLC now owns 7,629 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 1,266 shares during the last quarter. Hedge funds and other institutional investors own 96.04% of the company’s stock.
Shares of Tanger Factory Outlet Centers (SKT) traded up 0.22% during trading on Friday, reaching $27.33. 2,160,238 shares of the company were exchanged. The company has a 50 day moving average price of $26.23 and a 200-day moving average price of $30.49. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 13.95 and a beta of 0.45. Tanger Factory Outlet Centers has a one year low of $24.71 and a one year high of $42.20.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be given a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a yield of 5.01%. The ex-dividend date is Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is 69.90%.
Tanger Factory Outlet Centers declared that its board has authorized a stock repurchase program on Friday, May 19th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 54% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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.
Get a free copy of the Zacks research report on Tanger Factory Outlet Centers (SKT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tanger Factory Outlet Centers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
