Tanger Factory Outlet Centers Inc. (SKT) Expected to Announce Earnings of $0.63 Per Share

Wall Street brokerages forecast that Tanger Factory Outlet Centers Inc. (NYSE:SKT) will announce earnings per share (EPS) of $0.63 for the current quarter, Zacks reports. Three analysts have made estimates for Tanger Factory Outlet Centers’ earnings. The lowest EPS estimate is $0.61 and the highest is $0.64. Tanger Factory Outlet Centers reported earnings of $0.61 per share during the same quarter last year, which would indicate a positive year over year growth rate of 3.3%. The firm is expected to announce its next earnings results after the market closes on Tuesday, February 13th.

According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full-year earnings of $2.07 per share for the current year, with EPS estimates ranging from $2.05 to $2.08. For the next fiscal year, analysts anticipate that the company will post earnings of $2.51 per share, with EPS estimates ranging from $2.45 to $2.54. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that follow Tanger Factory Outlet Centers.

Several equities research analysts have weighed in on the stock. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research lowered shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Thursday, October 12th. Jefferies Group reiterated a “hold” rating and issued a $24.00 target price on shares of Tanger Factory Outlet Centers in a report on Friday, December 22nd. Citigroup cut their target price on shares of Tanger Factory Outlet Centers from $27.00 to $25.00 and set a “sell” rating on the stock in a report on Friday, November 10th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Tanger Factory Outlet Centers currently has a consensus rating of “Hold” and a consensus price target of $26.60.

In other Tanger Factory Outlet Centers news, CMO Carrie A. Geldner sold 2,250 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $24.50, for a total value of $55,125.00. Following the sale, the chief marketing officer now directly owns 51,261 shares in the company, valued at $1,255,894.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in shares of Tanger Factory Outlet Centers by 11.2% during the second quarter. State Street Corp now owns 11,298,397 shares of the real estate investment trust’s stock worth $293,533,000 after acquiring an additional 1,140,291 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Tanger Factory Outlet Centers by 29.5% during the third quarter. Principal Financial Group Inc. now owns 5,110,454 shares of the real estate investment trust’s stock worth $124,797,000 after acquiring an additional 1,163,429 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Tanger Factory Outlet Centers by 4.7% during the third quarter. Bank of New York Mellon Corp now owns 2,556,803 shares of the real estate investment trust’s stock worth $62,437,000 after acquiring an additional 115,480 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Tanger Factory Outlet Centers by 3.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,419,021 shares of the real estate investment trust’s stock worth $34,654,000 after acquiring an additional 42,345 shares in the last quarter. Finally, First Manhattan Co. increased its position in shares of Tanger Factory Outlet Centers by 32.1% during the third quarter. First Manhattan Co. now owns 1,408,982 shares of the real estate investment trust’s stock worth $34,407,000 after acquiring an additional 342,144 shares in the last quarter. Institutional investors own 99.52% of the company’s stock.

Shares of Tanger Factory Outlet Centers (SKT) traded up $0.29 during midday trading on Friday, reaching $25.92. 1,070,000 shares of the company traded hands, compared to its average volume of 1,280,000. The company has a debt-to-equity ratio of 2.91, a current ratio of 0.10 and a quick ratio of 0.10. The firm has a market capitalization of $2,450.00, a price-to-earnings ratio of 41.81, a P/E/G ratio of 3.35 and a beta of 0.52. Tanger Factory Outlet Centers has a fifty-two week low of $21.81 and a fifty-two week high of $37.34.

ILLEGAL ACTIVITY NOTICE: This story was originally published by American Banking News and is the sole property of of American Banking News. If you are reading this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright & trademark law. The legal version of this story can be viewed at https://www.americanbankingnews.com/2018/01/05/tanger-factory-outlet-centers-inc-skt-expected-to-announce-earnings-of-0-63-per-share.html.

Tanger Factory Outlet Centers Company Profile

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.

Get a free copy of the Zacks research report on Tanger Factory Outlet Centers (SKT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Tanger Factory Outlet Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply