Wall Street analysts expect Tanger Factory Outlet Centers, Inc. (NYSE:SKT) to report $116.50 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Tanger Factory Outlet Centers’ earnings, with the lowest sales estimate coming in at $116.23 million and the highest estimate coming in at $116.91 million. Tanger Factory Outlet Centers posted sales of $111.33 million in the same quarter last year, which would indicate a positive year over year growth rate of 4.6%. The business is scheduled to report its next quarterly earnings report after the market closes on Tuesday, August 1st.

According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full year sales of $116.50 million for the current fiscal year, with estimates ranging from $477.08 million to $478.87 million. For the next financial year, analysts anticipate that the business will report sales of $493.73 million per share, with estimates ranging from $489.00 million to $496.67 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its earnings results on Monday, May 1st. The real estate investment trust reported $0.23 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $121.37 million for the quarter, compared to the consensus estimate of $122.59 million. During the same period in the prior year, the business earned $0.56 EPS. Tanger Factory Outlet Centers’s quarterly revenue was up 9.5% compared to the same quarter last year.

SKT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Wednesday, March 29th. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Citigroup Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a report on Monday, June 12th. Jefferies Group LLC cut shares of 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. Finally, Bank of America Corporation cut shares of 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Tanger Factory Outlet Centers has an average rating of “Hold” and an average price target of $35.71.

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Tanger Factory Outlet Centers (SKT) opened at 27.12 on Friday. The company has a market cap of $2.58 billion, a PE ratio of 13.84 and a beta of 0.45. Tanger Factory Outlet Centers has a 52-week low of $24.71 and a 52-week high of $42.20. The firm’s 50 day moving average is $26.18 and its 200 day moving average is $30.67.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be given a dividend of $0.3425 per share. The ex-dividend date is Thursday, July 27th. This represents a $1.37 dividend on an annualized basis and a yield of 5.05%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 69.90%.

Tanger Factory Outlet Centers declared that its Board of Directors has authorized a share buyback plan on Friday, May 19th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy up to 54% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

In related news, Director Allan L. Schuman sold 32,930 shares of the stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $28.52, for a total transaction of $939,163.60. Following the transaction, the director now owns 43,953 shares in the company, valued at $1,253,539.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Chad Perry sold 8,000 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were 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 disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. Norges Bank bought a new position in shares of Tanger Factory Outlet Centers during the fourth quarter worth $30,815,000. Teachers Advisors LLC increased its position in shares of Tanger Factory Outlet Centers by 10.2% in the fourth quarter. Teachers Advisors LLC now owns 173,883 shares of the real estate investment trust’s stock worth $6,222,000 after buying an additional 16,075 shares during the period. Macquarie Group Ltd. increased its position in shares of Tanger Factory Outlet Centers by 7.1% in the fourth quarter. Macquarie Group Ltd. now owns 42,883 shares of the real estate investment trust’s stock worth $1,534,000 after buying an additional 2,825 shares during the period. Pensionfund Sabic increased its position in shares of Tanger Factory Outlet Centers by 8.2% in the first quarter. Pensionfund Sabic now owns 26,500 shares of the real estate investment trust’s stock worth $868,000 after buying an additional 2,000 shares during the period. Finally, Creative Planning increased its position in shares of Tanger Factory Outlet Centers by 6.8% in the first quarter. Creative Planning now owns 11,775 shares of the real estate investment trust’s stock worth $386,000 after buying an additional 752 shares during the period. Institutional investors own 94.73% of the company’s stock.

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.

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Earnings History and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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