Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) was the target of a large decrease in short interest during the month of April. As of April 30th, there was short interest totalling 9,190,000 shares, a decrease of 29.5% from the April 15th total of 13,040,000 shares. Based on an average trading volume of 1,120,000 shares, the short-interest ratio is currently 8.2 days.
Tanger Factory Outlet Centers stock opened at $17.76 on Friday. Tanger Factory Outlet Centers has a 12-month low of $15.51 and a 12-month high of $22.51. The stock has a market cap of $1.85 billion, a P/E ratio of 80.73, a PEG ratio of 1.20 and a beta of 1.77. The company has a 50-day moving average price of $17.14 and a 200 day moving average price of $18.20. The company has a current ratio of 2.63, a quick ratio of 1.73 and a debt-to-equity ratio of 2.74.
Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The real estate investment trust reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.21). Tanger Factory Outlet Centers had a net margin of 5.84% and a return on equity of 5.04%. The company had revenue of $108.87 million for the quarter, compared to analyst estimates of $101.62 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. Tanger Factory Outlet Centers’s revenue was up 8.1% on a year-over-year basis. As a group, analysts forecast that Tanger Factory Outlet Centers will post 1.73 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Friday, April 29th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, April 28th. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.50%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 363.65%.
SKT has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. StockNews.com initiated coverage on shares of Tanger Factory Outlet Centers in a report on Thursday, March 31st. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.50.
In other news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of the company’s stock in a transaction on Friday, March 11th. The shares were sold at an average price of $17.25, for a total value of $34,500.00. Following the sale, the chief accounting officer now directly owns 45,894 shares of the company’s stock, valued at approximately $791,671.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Tompkins Financial Corp boosted its stake in shares of Tanger Factory Outlet Centers by 87.5% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 700 shares during the period. Cyrus J. Lawrence LLC purchased a new position in shares of Tanger Factory Outlet Centers in the first quarter valued at approximately $28,000. Baldwin Brothers LLC MA purchased a new position in shares of Tanger Factory Outlet Centers in the first quarter valued at approximately $34,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Tanger Factory Outlet Centers by 299.8% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,175 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 1,631 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of Tanger Factory Outlet Centers in the fourth quarter valued at approximately $63,000. Institutional investors and hedge funds own 82.24% of the company’s stock.
About Tanger Factory Outlet Centers (Get Rating)
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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