Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) released its quarterly earnings data on Thursday. The real estate investment trust reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.21), MarketWatch Earnings reports. Tanger Factory Outlet Centers had a net margin of 2.11% and a return on equity of 1.82%. The company had revenue of $108.87 million for the quarter, compared to analysts’ expectations of $101.62 million. During the same period in the previous year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis.
Shares of NYSE SKT traded down $0.16 during midday trading on Friday, reaching $17.14. The stock had a trading volume of 3,390,415 shares, compared to its average volume of 1,026,427. The stock has a 50-day moving average of $17.04 and a 200-day moving average of $18.17. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.73 and a current ratio of 1.73. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 247.18, a price-to-earnings-growth ratio of 1.11 and a beta of 1.77. Tanger Factory Outlet Centers has a 12-month low of $15.45 and a 12-month high of $22.51.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 13th. Stockholders of record on Friday, April 29th will be paid a $0.20 dividend. The ex-dividend date of this dividend is 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 4.67%. Tanger Factory Outlet Centers’s dividend payout ratio is 1,143.02%.
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In other news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of the 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 completion of the sale, the chief accounting officer now directly owns 45,894 shares of the company’s stock, valued at $791,671.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SKT. BlackRock Inc. boosted its position in shares of 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 worth $360,240,000 after acquiring an additional 396,562 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Tanger Factory Outlet Centers by 14.9% during the fourth quarter. Allianz Asset Management GmbH now owns 121,133 shares of the real estate investment trust’s stock worth $2,335,000 after acquiring an additional 15,740 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Tanger Factory Outlet Centers by 16.1% during the fourth quarter. Deutsche Bank AG now owns 186,154 shares of the real estate investment trust’s stock worth $3,590,000 after acquiring an additional 25,833 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Tanger Factory Outlet Centers by 4.2% during the fourth quarter. California State Teachers Retirement System now owns 143,629 shares of the real estate investment trust’s stock worth $2,769,000 after acquiring an additional 5,833 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Tanger Factory Outlet Centers during the fourth quarter worth $63,000. 82.24% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Wednesday. 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. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Tanger Factory Outlet Centers presently has an average rating of “Hold” and a consensus target price of $16.50.
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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