Tanger Factory Outlet Centers Inc. (NYSE:SKT) saw strong trading volume on Monday . 4,656,036 shares traded hands during mid-day trading, an increase of 141% from the previous session’s volume of 1,933,373 shares.The stock last traded at $15.67 and had previously closed at $15.22.
Several brokerages have recently weighed in on SKT. Zacks Investment Research upgraded shares of 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 note on Wednesday, September 18th. ValuEngine raised shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $19.60.
The company has a debt-to-equity ratio of 3.34, a current ratio of 0.06 and a quick ratio of 0.06. The firm has a market capitalization of $1.41 billion, a PE ratio of 6.36 and a beta of 0.65. The business’s 50-day moving average price is $16.15 and its 200-day moving average price is $15.99.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Wednesday, October 30th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.31). Tanger Factory Outlet Centers had a return on equity of 23.49% and a net margin of 24.51%. The business had revenue of $118.99 million for the quarter, compared to analyst estimates of $117.49 million. During the same period in the prior year, the company earned $0.63 EPS. The company’s revenue was down 4.2% on a year-over-year basis. Equities analysts forecast that Tanger Factory Outlet Centers Inc. will post 2.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.355 dividend. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $1.42 annualized dividend and a yield of 9.00%. Tanger Factory Outlet Centers’s dividend payout ratio is 57.26%.
In other Tanger Factory Outlet Centers news, insider Stewart Martin 800,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. 2.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Usca Ria LLC acquired a new position in shares of Tanger Factory Outlet Centers during the third quarter worth approximately $25,000. Capital Investment Advisory Services LLC purchased a new stake in shares of Tanger Factory Outlet Centers in the third quarter valued at about $51,000. AllSquare Wealth Management LLC purchased a new stake in Tanger Factory Outlet Centers in the 2nd quarter valued at about $75,000. Flagship Harbor Advisors LLC lifted its position in shares of Tanger Factory Outlet Centers by 305.2% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 7,347 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 5,534 shares in the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new stake in shares of Tanger Factory Outlet Centers during the third quarter valued at approximately $160,000. 98.09% of the stock is owned by hedge funds and other institutional investors.
Tanger Factory Outlet Centers Company Profile (NYSE:SKT)
Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.
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