Zacks: Analysts Anticipate Tanger Factory Outlet Centers Inc. (SKT) Will Announce Quarterly Sales of $122.67 Million

Wall Street analysts predict that Tanger Factory Outlet Centers Inc. (NYSE:SKT) will post sales of $122.67 million for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Tanger Factory Outlet Centers’ earnings, with the lowest sales estimate coming in at $120.55 million and the highest estimate coming in at $125.26 million. Tanger Factory Outlet Centers posted sales of $124.56 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.5%. The firm is scheduled to issue its next earnings results after the market closes on Tuesday, February 13th.

On average, analysts expect that Tanger Factory Outlet Centers will report full year sales of $122.67 million for the current year, with estimates ranging from $473.61 million to $480.37 million. For the next year, analysts forecast that the company will report sales of $481.89 million per share, with estimates ranging from $476.36 million to $491.11 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Tuesday, November 7th. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.77). Tanger Factory Outlet Centers had a net margin of 12.34% and a return on equity of 8.98%.

Several research analysts have weighed in on SKT shares. Zacks Investment Research lowered shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Citigroup dropped their price objective on shares of Tanger Factory Outlet Centers from $27.00 to $25.00 and set a “sell” rating on the stock in a research note on Friday, November 10th. Boenning Scattergood reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Thursday, November 9th. Jefferies Group reiterated a “hold” rating and issued a $24.00 price objective on shares of Tanger Factory Outlet Centers in a research note on Friday, December 22nd. Finally, ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $26.60.

Shares of Tanger Factory Outlet Centers (NYSE SKT) opened at $25.64 on Wednesday. Tanger Factory Outlet Centers has a 1-year low of $21.81 and a 1-year high of $35.22. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 2.91. The stock has a market cap of $2,420.00, a P/E ratio of 41.35, a PEG ratio of 3.20 and a beta of 0.52.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be paid a $0.343 dividend. This represents a $1.37 annualized dividend and a yield of 5.35%. The ex-dividend date is Tuesday, January 30th. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. Tanger Factory Outlet Centers’s dividend payout ratio is currently 220.97%.

In other 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 transaction of $55,125.00. Following the transaction, the chief marketing officer now owns 51,261 shares in the company, valued at approximately $1,255,894.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.80% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in shares of Tanger Factory Outlet Centers by 82.4% during the 2nd quarter. Wells Fargo & Company MN now owns 122,414 shares of the real estate investment trust’s stock worth $3,179,000 after buying an additional 55,288 shares during the period. Riverhead Capital Management LLC boosted its holdings in shares of Tanger Factory Outlet Centers by 101.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,859 shares of the real estate investment trust’s stock worth $204,000 after buying an additional 3,959 shares during the period. Teachers Advisors LLC boosted its holdings in shares of Tanger Factory Outlet Centers by 38.1% during the 2nd quarter. Teachers Advisors LLC now owns 281,241 shares of the real estate investment trust’s stock worth $7,307,000 after buying an additional 77,662 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Tanger Factory Outlet Centers by 57.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 948,141 shares of the real estate investment trust’s stock worth $24,211,000 after buying an additional 346,166 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Tanger Factory Outlet Centers by 21.5% during the 2nd quarter. Amalgamated Bank now owns 18,249 shares of the real estate investment trust’s stock worth $474,000 after buying an additional 3,231 shares during the period. Institutional investors own 99.47% of the company’s stock.

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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.

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

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