Tanger Factory Outlet Centers Inc. (SKT) Expected to Post Quarterly Sales of $122.67 Million

Equities research analysts expect Tanger Factory Outlet Centers Inc. (NYSE:SKT) to announce sales of $122.67 million for the current quarter, according to Zacks. Three analysts have provided estimates for Tanger Factory Outlet Centers’ earnings. The highest sales estimate is $125.26 million and the lowest is $120.55 million. Tanger Factory Outlet Centers posted sales of $124.56 million in the same quarter last year, which suggests a negative year over year growth rate of 1.5%. The business is expected to issue its next quarterly 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 financial year, with estimates ranging from $473.61 million to $480.37 million. For the next financial year, analysts anticipate that the firm will report sales of $481.89 million per share, with estimates ranging from $476.36 million to $491.11 million. Zacks’ sales averages are an average based on a survey of analysts that cover Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Tuesday, November 7th. The real estate investment trust reported ($0.17) EPS for the quarter, missing the 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%. The firm had revenue of $120.77 million for the quarter, compared to analysts’ expectations of $117.51 million.

A number of brokerages recently weighed in on SKT. Jefferies Group reaffirmed a “hold” rating and set a $24.00 price objective on shares of Tanger Factory Outlet Centers in a research report on Friday, December 22nd. Zacks Investment Research downgraded Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Citigroup dropped their price objective on Tanger Factory Outlet Centers from $27.00 to $25.00 and set a “sell” rating on the stock in a research report on Friday, November 10th. ValuEngine downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, Bank of America raised Tanger Factory Outlet Centers from an “underperform” rating to a “neutral” rating in a research report on Thursday, November 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $26.60.

Shares of Tanger Factory Outlet Centers (NYSE SKT) opened at $22.82 on Friday. Tanger Factory Outlet Centers has a 12-month low of $21.81 and a 12-month high of $34.88. The firm has a market capitalization of $2,160.00, a PE ratio of 36.81, a P/E/G ratio of 3.01 and a beta of 0.44. The company has a debt-to-equity ratio of 2.91, a quick ratio of 0.10 and a current ratio of 0.10.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be issued a $0.343 dividend. This represents a $1.37 annualized dividend and a yield of 6.01%. The ex-dividend date of this dividend is Tuesday, January 30th. This is an increase from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 220.97%.

In other Tanger Factory Outlet Centers news, CMO Carrie A. Geldner sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $24.50, for a total value of $55,125.00. Following the completion of the sale, the chief marketing officer now owns 51,261 shares of the company’s stock, valued at $1,255,894.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.80% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. Wells Fargo & Company MN boosted its holdings in Tanger Factory Outlet Centers by 82.4% in the second quarter. Wells Fargo & Company MN now owns 122,414 shares of the real estate investment trust’s stock worth $3,179,000 after acquiring an additional 55,288 shares in the last quarter. Northern Trust Corp boosted its holdings in Tanger Factory Outlet Centers by 1.1% in the second quarter. Northern Trust Corp now owns 1,257,288 shares of the real estate investment trust’s stock worth $32,664,000 after acquiring an additional 14,243 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Tanger Factory Outlet Centers by 3.6% in the second quarter. California Public Employees Retirement System now owns 208,300 shares of the real estate investment trust’s stock worth $5,412,000 after acquiring an additional 7,200 shares in the last quarter. Advisor Group Inc. boosted its holdings in Tanger Factory Outlet Centers by 6.5% in the second quarter. Advisor Group Inc. now owns 4,968 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 303 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in Tanger Factory Outlet Centers by 14.3% in the second quarter. Parametric Portfolio Associates LLC now owns 118,894 shares of the real estate investment trust’s stock worth $3,089,000 after acquiring an additional 14,860 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: “Tanger Factory Outlet Centers Inc. (SKT) Expected to Post Quarterly Sales of $122.67 Million” was reported by American Banking News and is owned by of American Banking News. If you are accessing this report on another publication, it was copied illegally and republished in violation of U.S. & international copyright and trademark law. The original version of this report can be read at https://www.americanbankingnews.com/2018/02/10/tanger-factory-outlet-centers-inc-skt-expected-to-post-quarterly-sales-of-122-67-million.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