Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) was the recipient of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 13,110,000 shares, a drop of 18.2% from the February 13th total of 16,020,000 shares. Based on an average daily trading volume, of 975,600 shares, the days-to-cover ratio is presently 13.4 days.
In other news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $17.25, for a total value of $34,500.00. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.20% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Tanger Factory Outlet Centers by 2.2% during the fourth quarter. BlackRock Inc. now owns 18,684,681 shares of the real estate investment trust’s stock valued at $360,240,000 after purchasing an additional 396,562 shares during the period. State Street Corp boosted its stake in shares of Tanger Factory Outlet Centers by 3.0% in the fourth quarter. State Street Corp now owns 5,551,704 shares of the real estate investment trust’s stock worth $107,037,000 after acquiring an additional 161,242 shares during the period. Moors & Cabot Inc. bought a new position in shares of Tanger Factory Outlet Centers in the third quarter worth about $4,238,000. LSV Asset Management boosted its stake in shares of Tanger Factory Outlet Centers by 17.2% in the third quarter. LSV Asset Management now owns 2,380,452 shares of the real estate investment trust’s stock worth $38,801,000 after acquiring an additional 349,695 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of Tanger Factory Outlet Centers by 11.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,111,808 shares of the real estate investment trust’s stock worth $40,716,000 after acquiring an additional 209,406 shares during the period. 79.03% of the stock is owned by institutional investors and hedge funds.
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SKT stock opened at $16.69 on Wednesday. Tanger Factory Outlet Centers has a 1-year low of $14.89 and a 1-year high of $22.51. The business has a fifty day simple moving average of $17.42. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 2.80. The stock has a market capitalization of $1.74 billion, a PE ratio of 238.46, a P/E/G ratio of 1.17 and a beta of 1.87.
Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last posted its quarterly earnings data on Wednesday, February 16th. The real estate investment trust reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.03). Tanger Factory Outlet Centers had a net margin of 2.11% and a return on equity of 1.82%. During the same period in the previous year, the firm posted $0.54 EPS. Analysts expect that Tanger Factory Outlet Centers will post 1.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 15th. Investors of record on Monday, January 31st were given a dividend of $0.183 per share. This represents a $0.73 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Friday, January 28th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 1,043.01%.
Separately, Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Friday, February 25th.
About Tanger Factory Outlet Centers (Get Rating)
Tanger Factory Outlet Centers, Inc is a fully-integrated, self-administered and self-managed real estate investment trust. It focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.
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