Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Shares Bought by Harbour Capital Advisors LLC

Harbour Capital Advisors LLC boosted its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 2,498.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,733 shares of the real estate investment trust’s stock after buying an additional 21,858 shares during the period. Harbour Capital Advisors LLC’s holdings in Tanger Factory Outlet Centers were worth $875,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SKT. Diamond Hill Capital Management Inc. raised its position in shares of Tanger Factory Outlet Centers by 30.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 495,869 shares of the real estate investment trust’s stock worth $12,883,000 after buying an additional 115,385 shares during the period. RMR Advisors LLC bought a new position in shares of Tanger Factory Outlet Centers during the second quarter worth $114,000. Smith Salley & Associates raised its position in shares of Tanger Factory Outlet Centers by 127.4% in the second quarter. Smith Salley & Associates now owns 151,302 shares of the real estate investment trust’s stock worth $3,930,000 after buying an additional 84,775 shares during the period. A. D. Beadell Investment Counsel Inc. bought a new position in shares of Tanger Factory Outlet Centers during the second quarter worth $1,971,000. Finally, ING Groep NV bought a new position in shares of Tanger Factory Outlet Centers during the second quarter worth $305,000. Hedge funds and other institutional investors own 97.97% of the company’s stock.

Tanger Factory Outlet Centers, Inc. (NYSE SKT) opened at 24.48 on Thursday. Tanger Factory Outlet Centers, Inc. has a 52 week low of $24.47 and a 52 week high of $41.25. The stock has a 50 day moving average of $26.32 and a 200-day moving average of $29.45. The stock has a market cap of $2.33 billion, a P/E ratio of 16.25 and a beta of 0.46.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The business had revenue of $119.60 million during the quarter, compared to the consensus estimate of $122 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. Tanger Factory Outlet Centers’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. Analysts forecast that Tanger Factory Outlet Centers, Inc. will post $1.04 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were issued a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a dividend yield of 5.60%. The ex-dividend date was Thursday, July 27th. Tanger Factory Outlet Centers’s dividend payout ratio is currently 90.73%.

Tanger Factory Outlet Centers declared that its board has approved a stock buyback plan on Friday, May 19th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase up to 54% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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A number of brokerages have weighed in on SKT. Jefferies Group LLC lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and decreased their price target for the company from $38.00 to $29.00 in a report on Friday, June 16th. Boenning Scattergood set a $25.00 price target on shares of Tanger Factory Outlet Centers and gave the company a “sell” rating in a report on Thursday, August 3rd. Zacks Investment Research lowered shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. Bank of America Corporation lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $28.00 to $25.50 in a report on Friday, June 23rd. Finally, BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $32.43.

In related news, COO Thomas E. Mcdonough sold 10,734 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total transaction of $287,027.16. Following the completion of the sale, the chief operating officer now directly owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

About Tanger Factory Outlet Centers

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.