Comerica Bank reduced its stake in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 1.8% during the first quarter, Holdings Channel reports. The institutional investor owned 88,315 shares of the real estate investment trust’s stock after selling 1,640 shares during the quarter. Comerica Bank’s holdings in Tanger Factory Outlet Centers were worth $1,567,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of SKT. New York State Teachers Retirement System grew its position in Tanger Factory Outlet Centers by 1.1% during the 4th quarter. New York State Teachers Retirement System now owns 159,823 shares of the real estate investment trust’s stock worth $3,081,000 after acquiring an additional 1,700 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Tanger Factory Outlet Centers by 66.9% in the fourth quarter. Van ECK Associates Corp now owns 7,962 shares of the real estate investment trust’s stock worth $154,000 after buying an additional 3,192 shares during the period. Janney Montgomery Scott LLC bought a new stake in Tanger Factory Outlet Centers during the 4th quarter valued at $200,000. Everence Capital Management Inc. boosted its position in Tanger Factory Outlet Centers by 57.0% during the 4th quarter. Everence Capital Management Inc. now owns 30,380 shares of the real estate investment trust’s stock valued at $586,000 after buying an additional 11,030 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Tanger Factory Outlet Centers in the 4th quarter worth $1,665,000. Hedge funds and other institutional investors own 82.24% of the company’s stock.
Insiders Place Their Bets
In other news, Director Thomas Reddin sold 10,000 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $18.00, for a total transaction of $180,000.00. Following the sale, the director now owns 45,654 shares in the company, valued at approximately $821,772. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 5.80% of the stock is owned by corporate insiders.
Analyst Ratings Changes
SKT has been the subject of a number of analyst reports. StockNews.com assumed coverage on shares of Tanger Factory Outlet Centers in a report on Thursday, March 31st. They set a “hold” rating for the company. Compass Point dropped their price objective on Tanger Factory Outlet Centers from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, June 22nd.
Tanger Factory Outlet Centers Stock Up 0.6 %
Shares of NYSE SKT opened at $15.70 on Tuesday. The firm has a fifty day simple moving average of $15.62 and a two-hundred day simple moving average of $16.67. The firm has a market capitalization of $1.64 billion, a PE ratio of 71.37, a price-to-earnings-growth ratio of 1.09 and a beta of 1.78. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 2.74. Tanger Factory Outlet Centers, Inc. has a 12 month low of $13.77 and a 12 month high of $22.51.
Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The real estate investment trust reported $0.19 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.21). Tanger Factory Outlet Centers had a return on equity of 5.04% and a net margin of 5.84%. The company had revenue of $108.87 million during the quarter, compared to analysts’ expectations of $101.62 million. During the same quarter last year, the business earned $0.40 earnings per share. The business’s quarterly revenue was up 8.1% on a year-over-year basis. Equities analysts expect that Tanger Factory Outlet Centers, Inc. will post 1.75 earnings per share for the current year.
Tanger Factory Outlet Centers Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 29th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $0.80 annualized dividend and a yield of 5.10%. Tanger Factory Outlet Centers’s payout ratio is 363.65%.
Tanger Factory Outlet Centers Profile
Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger’s operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies.
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