Tanger Factory Outlet Centers, Inc. (NYSE:SKT) – Equities research analysts at Jefferies Group boosted their Q1 2018 earnings estimates for Tanger Factory Outlet Centers in a research report issued on Wednesday. Jefferies Group analyst O. Okusanya now anticipates that the real estate investment trust will post earnings per share of $0.61 for the quarter, up from their previous estimate of $0.59. Jefferies Group has a “Hold” rating and a $29.00 price target on the stock. Jefferies Group also issued estimates for Tanger Factory Outlet Centers’ Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.62 EPS, Q4 2018 earnings at $0.65 EPS, Q1 2019 earnings at $0.62 EPS and FY2019 earnings at $2.57 EPS.

A number of other equities analysts have also recently commented on SKT. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. Bank of America Corporation lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $28.00 to $25.50 in a research 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 research report on Thursday, June 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $32.43.

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Shares of Tanger Factory Outlet Centers (NYSE SKT) traded up 0.143% on Thursday, reaching $24.515. 414,850 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $26.32 and a 200 day moving average of $29.45. Tanger Factory Outlet Centers has a one year low of $24.40 and a one year high of $41.25. The firm has a market capitalization of $2.33 billion, a P/E ratio of 16.278 and a beta of 0.46.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. The business had revenue of $119.60 million for the quarter, compared to analyst estimates of $122 million. During the same quarter in the prior year, the business posted $0.59 EPS. Tanger Factory Outlet Centers’s revenue for the quarter was up 7.5% compared to the same quarter last year.

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in 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 in the last quarter. Principal Financial Group Inc. raised its stake in 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 in the last quarter. State Street Corp raised its stake in Tanger Factory Outlet Centers by 11.2% in the second quarter. State Street Corp now owns 11,298,397 shares of the real estate investment trust’s stock valued at $293,533,000 after buying an additional 1,140,291 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in 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 in the last quarter. Finally, BlueCrest Capital Management Ltd raised its stake in Tanger Factory Outlet Centers by 774.8% in the second quarter. BlueCrest Capital Management Ltd now owns 560,577 shares of the real estate investment trust’s stock valued at $14,564,000 after buying an additional 496,493 shares in the last quarter. Institutional investors and hedge funds own 97.97% of the company’s stock.

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

Tanger Factory Outlet Centers announced that its board has approved a stock repurchase program on Friday, May 19th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 54% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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

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.

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

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