Malaga Cove Capital LLC cut its holdings in shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 9.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,832 shares of the real estate investment trust’s stock after selling 6,197 shares during the quarter. Malaga Cove Capital LLC owned approximately 0.06% of Tanger Factory Outlet Centers worth $852,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of SKT. First Trust Advisors LP raised its holdings in Tanger Factory Outlet Centers by 9.7% during the first quarter. First Trust Advisors LP now owns 222,567 shares of the real estate investment trust’s stock valued at $4,669,000 after acquiring an additional 19,691 shares during the period. Commonwealth Equity Services LLC raised its holdings in Tanger Factory Outlet Centers by 7.8% during the third quarter. Commonwealth Equity Services LLC now owns 81,864 shares of the real estate investment trust’s stock valued at $1,267,000 after acquiring an additional 5,919 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Tanger Factory Outlet Centers by 17.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 129,926 shares of the real estate investment trust’s stock valued at $2,011,000 after acquiring an additional 19,403 shares during the period. California Public Employees Retirement System raised its holdings in Tanger Factory Outlet Centers by 14.0% during the third quarter. California Public Employees Retirement System now owns 191,886 shares of the real estate investment trust’s stock valued at $2,970,000 after acquiring an additional 23,585 shares during the period. Finally, Oppenheimer & Co. Inc. raised its holdings in Tanger Factory Outlet Centers by 41.3% during the third quarter. Oppenheimer & Co. Inc. now owns 15,702 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 4,591 shares during the period.
Shares of SKT stock opened at $10.24 on Tuesday. Tanger Factory Outlet Centers Inc. has a 12-month low of $10.23 and a 12-month high of $21.28. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 3.64. The stock’s 50-day moving average price is $13.48 and its 200-day moving average price is $14.98. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 11.01 and a beta of 0.90.
Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Monday, January 27th. The real estate investment trust reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.69). Tanger Factory Outlet Centers had a return on equity of 17.71% and a net margin of 18.28%. The firm had revenue of $120.50 million during the quarter, compared to the consensus estimate of $117.25 million. During the same period last year, the firm posted $0.64 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. As a group, research analysts predict that Tanger Factory Outlet Centers Inc. will post 2.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a $0.3575 dividend. This represents a $1.43 annualized dividend and a dividend yield of 13.96%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Wednesday, April 29th. Tanger Factory Outlet Centers’s payout ratio is 62.56%.
In other news, VP Virginia R. Summerell sold 5,830 shares of Tanger Factory Outlet Centers stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $12.56, for a total value of $73,224.80. Following the sale, the vice president now directly owns 34,310 shares of the company’s stock, valued at $430,933.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.
Several equities research analysts have recently issued reports on the company. KeyCorp reduced their target price on Tanger Factory Outlet Centers from $13.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, January 28th. ValuEngine cut Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Tuesday, March 3rd. Finally, Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Tanger Factory Outlet Centers has a consensus rating of “Hold” and an average target price of $17.60.
Tanger Factory Outlet Centers Company Profile
Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 40 upscale outlet shopping centers. Tanger’s operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.
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