$123.35 Million in Sales Expected for Tanger Factory Outlet Centers, Inc. (SKT) This Quarter

Wall Street analysts forecast that Tanger Factory Outlet Centers, Inc. (NYSE:SKT) will report $123.35 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Tanger Factory Outlet Centers’ earnings. The highest sales estimate is $125.26 million and the lowest is $122.19 million. Tanger Factory Outlet Centers posted sales of $124.56 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 1%. The firm is expected to issue its next earnings results on Tuesday, February 13th.

According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full year sales of $123.35 million for the current year, with estimates ranging from $474.82 million to $480.37 million. For the next financial year, analysts forecast that the business will report sales of $482.84 million per share, with estimates ranging from $475.32 million to $491.11 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Tanger Factory Outlet Centers.

Several research firms have recently weighed in on SKT. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Citigroup dropped their target price on shares of Tanger Factory Outlet Centers from $27.00 to $25.00 and set a “sell” rating on the stock in a research report on Friday, November 10th. Boenning Scattergood reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Thursday, November 9th. Bank of America raised shares of Tanger Factory Outlet Centers from an “underperform” rating to a “neutral” rating in a research report on Thursday, November 9th. Finally, Jefferies Group reissued a “hold” rating and issued a $26.00 target price on shares of Tanger Factory Outlet Centers in a research report on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Tanger Factory Outlet Centers has an average rating of “Hold” and an average target price of $27.00.

In related news, CMO Carrie A. Geldner sold 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $24.50, for a total transaction of $55,125.00. Following the transaction, the chief marketing officer now directly owns 51,261 shares of the company’s stock, valued at $1,255,894.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.80% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in Tanger Factory Outlet Centers by 22.1% during the second quarter. Bank of New York Mellon Corp now owns 2,441,323 shares of the real estate investment trust’s stock valued at $63,426,000 after purchasing an additional 441,736 shares in the last quarter. State Street Corp grew its position in Tanger Factory Outlet Centers by 11.2% during the second quarter. State Street Corp now owns 11,298,397 shares of the real estate investment trust’s stock valued at $293,533,000 after purchasing an additional 1,140,291 shares in the last quarter. Advisors Asset Management Inc. grew its position in Tanger Factory Outlet Centers by 4.7% during the second quarter. Advisors Asset Management Inc. now owns 44,673 shares of the real estate investment trust’s stock valued at $1,161,000 after purchasing an additional 2,014 shares in the last quarter. Principal Financial Group Inc. grew its position in Tanger Factory Outlet Centers by 199.1% during the second quarter. Principal Financial Group Inc. now owns 3,947,025 shares of the real estate investment trust’s stock valued at $102,543,000 after purchasing an additional 2,627,566 shares in the last quarter. Finally, Private Advisor Group LLC grew its position in Tanger Factory Outlet Centers by 37.7% during the second quarter. Private Advisor Group LLC now owns 104,904 shares of the real estate investment trust’s stock valued at $2,700,000 after purchasing an additional 28,716 shares in the last quarter. 98.49% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Factory Outlet Centers (NYSE SKT) opened at $24.84 on Monday. The stock has a market cap of $2,348.08, a P/E ratio of 12.12, a PEG ratio of 3.37 and a beta of 0.51. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 2.91. Tanger Factory Outlet Centers has a 52 week low of $21.81 and a 52 week high of $37.34.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st were given a $0.3425 dividend. This represents a $1.37 annualized dividend and a dividend yield of 5.52%. The ex-dividend date of this dividend was Monday, October 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 220.97%.

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About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

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Earnings History and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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