Zacks: Brokerages Expect Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Will Announce Quarterly Sales of $93.70 Million

Equities research analysts expect that Tanger Factory Outlet Centers, Inc. (NYSE:SKT) will post sales of $93.70 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Tanger Factory Outlet Centers’ earnings. The highest sales estimate is $96.93 million and the lowest is $90.46 million. Tanger Factory Outlet Centers posted sales of $100.25 million in the same quarter last year, which would indicate a negative year over year growth rate of 6.5%. The firm is scheduled to announce its next earnings report after the market closes on Monday, November 1st.

According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full-year sales of $384.44 million for the current financial year, with estimates ranging from $378.04 million to $390.85 million. For the next financial year, analysts forecast that the firm will report sales of $376.10 million, with estimates ranging from $359.61 million to $392.59 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Monday, August 2nd. The real estate investment trust reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.18). Tanger Factory Outlet Centers had a net margin of 4.78% and a return on equity of 4.64%.

Several research firms have weighed in on SKT. Scotiabank raised their price target on Tanger Factory Outlet Centers from $13.00 to $15.00 and gave the company an “underperform” rating in a report on Monday, June 28th. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Tuesday, August 17th. Finally, TheStreet upgraded Tanger Factory Outlet Centers from a “d” rating to a “c-” rating in a research report on Monday, August 9th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.33.

Shares of NYSE:SKT traded up $0.35 on Wednesday, hitting $17.19. The company’s stock had a trading volume of 558,027 shares, compared to its average volume of 2,845,712. The company has a 50-day simple moving average of $17.18 and a 200 day simple moving average of $17.35. Tanger Factory Outlet Centers has a 1 year low of $5.56 and a 1 year high of $22.40. The company has a market capitalization of $1.79 billion, a PE ratio of 85.90, a PEG ratio of 6.65 and a beta of 2.03. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.53 and a quick ratio of 1.53.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 29th will be given a dividend of $0.183 per share. The ex-dividend date of this dividend is Thursday, October 28th. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.18. This represents a $0.73 annualized dividend and a dividend yield of 4.26%. Tanger Factory Outlet Centers’s dividend payout ratio is 44.94%.

In related news, EVP Chad Perry sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 13th. The stock was sold at an average price of $17.43, for a total transaction of $139,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Carrie A. Warren sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $17.00, for a total value of $25,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 15,500 shares of company stock worth $271,660 over the last quarter. Corporate insiders own 2.20% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its position in shares of Tanger Factory Outlet Centers by 5.1% in the 2nd quarter. BlackRock Inc. now owns 18,412,320 shares of the real estate investment trust’s stock worth $347,071,000 after buying an additional 900,860 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Tanger Factory Outlet Centers by 5.7% in the 2nd quarter. Vanguard Group Inc. now owns 16,215,122 shares of the real estate investment trust’s stock worth $305,655,000 after buying an additional 872,715 shares during the last quarter. State Street Corp grew its position in shares of Tanger Factory Outlet Centers by 6.8% in the 2nd quarter. State Street Corp now owns 5,116,447 shares of the real estate investment trust’s stock worth $96,445,000 after buying an additional 324,317 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Tanger Factory Outlet Centers by 107.2% in the 1st quarter. Ameriprise Financial Inc. now owns 2,443,436 shares of the real estate investment trust’s stock worth $36,969,000 after buying an additional 1,264,046 shares during the last quarter. Finally, LSV Asset Management grew its position in shares of Tanger Factory Outlet Centers by 9.4% in the 2nd quarter. LSV Asset Management now owns 2,030,757 shares of the real estate investment trust’s stock worth $38,279,000 after buying an additional 174,300 shares during the last quarter. Institutional investors and hedge funds own 77.94% of the company’s stock.

Tanger Factory Outlet Centers Company Profile

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

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