Tanger Factory Outlet Centers (NYSE:SKT) Shares Gap Up to $15.93

Tanger Factory Outlet Centers Inc. (NYSE:SKT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $15.28, but opened at $15.93. Tanger Factory Outlet Centers shares last traded at $16.52, with a volume of 6,124,554 shares traded.

A number of brokerages have recently commented on SKT. KeyCorp lowered their price objective on Tanger Factory Outlet Centers from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Tuesday, December 17th. ValuEngine raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $17.80.

The stock has a fifty day moving average of $15.24 and a 200-day moving average of $15.58. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 3.34. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 12.33 and a beta of 0.64.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.31). The business had revenue of $118.99 million during the quarter, compared to analyst estimates of $117.49 million. Tanger Factory Outlet Centers had a net margin of 24.51% and a return on equity of 23.49%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. On average, equities analysts forecast that Tanger Factory Outlet Centers Inc. will post 2.23 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.355 dividend. This represents a $1.42 dividend on an annualized basis and a yield of 9.14%. The ex-dividend date of this dividend is Thursday, January 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 57.26%.

In other news, insider Stewart Martin 800,000 shares of Tanger Factory Outlet Centers stock in a transaction on Wednesday, October 30th. Corporate insiders own 2.30% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its holdings in Tanger Factory Outlet Centers by 41.4% in the third quarter. State Street Corp now owns 27,492,799 shares of the real estate investment trust’s stock valued at $425,589,000 after purchasing an additional 8,048,970 shares in the last quarter. Marathon Asset Management LLP boosted its holdings in Tanger Factory Outlet Centers by 6.4% in the third quarter. Marathon Asset Management LLP now owns 2,486,925 shares of the real estate investment trust’s stock valued at $38,494,000 after purchasing an additional 148,748 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Tanger Factory Outlet Centers by 822.7% in the second quarter. Schroder Investment Management Group now owns 1,639,540 shares of the real estate investment trust’s stock valued at $26,577,000 after acquiring an additional 1,461,848 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Tanger Factory Outlet Centers by 12,159.3% in the second quarter. Nuveen Asset Management LLC now owns 1,189,156 shares of the real estate investment trust’s stock valued at $19,277,000 after acquiring an additional 1,179,456 shares during the period. Finally, Man Group plc boosted 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 acquiring an additional 130,400 shares during the period.

About Tanger Factory Outlet Centers (NYSE:SKT)

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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