Strs Ohio reduced its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 0.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 135,228 shares of the real estate investment trust’s stock after selling 1,102 shares during the quarter. Strs Ohio’s holdings in Tanger Factory Outlet Centers were worth $2,324,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Baldwin Brothers LLC MA acquired a new stake in shares of Tanger Factory Outlet Centers during the first quarter worth $34,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Tanger Factory Outlet Centers by 299.8% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,175 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 1,631 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Tanger Factory Outlet Centers by 38.2% during the fourth quarter. Schroder Investment Management Group now owns 6,101 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 1,685 shares during the period. Rockefeller Capital Management L.P. raised its position in Tanger Factory Outlet Centers by 1,326.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 7,189 shares of the real estate investment trust’s stock worth $138,000 after acquiring an additional 6,685 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in 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 acquiring an additional 3,192 shares in the last quarter. 82.24% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have issued reports on the company. StockNews.com assumed coverage on Tanger Factory Outlet Centers in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Compass Point cut their price objective on Tanger Factory Outlet Centers from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, June 22nd.
In other news, Director Thomas Reddin sold 10,000 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $18.00, for a total value of $180,000.00. Following the completion of the transaction, the director now owns 45,654 shares in the company, valued at $821,772. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.20% of the company’s stock.
Shares of SKT stock opened at $14.81 on Friday. Tanger Factory Outlet Centers, Inc. has a fifty-two week low of $13.77 and a fifty-two week high of $22.51. The stock has a market cap of $1.55 billion, a P/E ratio of 67.32, a P/E/G ratio of 1.05 and a beta of 1.78. The business has a fifty day simple moving average of $16.08 and a 200-day simple moving average of $17.03. The company has a quick ratio of 2.63, a current ratio of 2.63 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 firm had revenue of $108.87 million during the quarter, compared to analysts’ expectations of $101.62 million. During the same quarter in the prior year, the business earned $0.40 EPS. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Tanger Factory Outlet Centers, Inc. will post 1.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 13th. Stockholders of record on Friday, April 29th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.40%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.18. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 363.65%.
Tanger Factory Outlet Centers Profile (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.
Further Reading
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