TIAA CREF Investment Management LLC Lowers Holdings in Tanger Factory Outlet Centers, Inc. (SKT)

TIAA CREF Investment Management LLC cut its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 33.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 296,511 shares of the real estate investment trust’s stock after selling 152,374 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.31% of Tanger Factory Outlet Centers worth $7,703,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SKT. BlackRock Inc. raised its stake in shares of Tanger Factory Outlet Centers by 2,800.6% in the first quarter. BlackRock Inc. now owns 11,216,024 shares of the real estate investment trust’s stock valued at $367,550,000 after buying an additional 10,829,338 shares during the period. Principal Financial Group Inc. raised its stake in shares of Tanger Factory Outlet Centers by 199.1% in the second quarter. Principal Financial Group Inc. now owns 3,947,025 shares of the real estate investment trust’s stock valued at $102,543,000 after buying an additional 2,627,566 shares during the period. State Street Corp raised its stake in shares of Tanger Factory Outlet Centers by 8.6% in the first quarter. State Street Corp now owns 10,158,106 shares of the real estate investment trust’s stock valued at $332,880,000 after buying an additional 805,917 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Tanger Factory Outlet Centers by 278.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 678,150 shares of the real estate investment trust’s stock valued at $17,618,000 after buying an additional 498,985 shares during the period. Finally, Morgan Stanley raised its stake in shares of Tanger Factory Outlet Centers by 9.8% in the first quarter. Morgan Stanley now owns 5,353,601 shares of the real estate investment trust’s stock valued at $175,438,000 after buying an additional 477,744 shares during the period. Hedge funds and other institutional investors own 96.82% of the company’s stock.

Several analysts have issued reports on the company. BidaskClub lowered Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Jefferies Group LLC lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and lowered their target price for the company from $38.00 to $29.00 in a research note on Friday, June 16th. Boenning Scattergood set a $25.00 target price on Tanger Factory Outlet Centers and gave the company a “sell” rating in a research note on Thursday, August 3rd. Bank of America Corporation lowered Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $28.00 to $25.50 in a research note on Friday, June 23rd. Finally, KeyCorp reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Friday, August 25th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $30.50.

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) opened at 25.31 on Wednesday. Tanger Factory Outlet Centers, Inc. has a 12 month low of $23.06 and a 12 month high of $37.34. The stock has a market capitalization of $2.41 billion, a PE ratio of 16.81 and a beta of 0.49. The stock has a 50 day moving average price of $24.39 and a 200 day moving average price of $26.98.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The company had revenue of $119.60 million for the quarter, compared to analysts’ expectations of $122.00 million. During the same period last year, the firm earned $0.59 EPS. Tanger Factory Outlet Centers’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities research analysts forecast that Tanger Factory Outlet Centers, Inc. will post $0.77 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be issued a $0.3425 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $1.37 dividend on an annualized basis and a yield of 5.41%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 90.73%.

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In related news, COO Thomas E. Mcdonough sold 10,734 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total value of $287,027.16. Following the transaction, the chief operating officer now directly owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Carrie A. Geldner sold 1,800 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total value of $43,524.00. Following the completion of the transaction, the senior vice president now directly owns 53,511 shares in the company, valued at $1,293,895.98. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by company 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.

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

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