Equities analysts expect that Tanger Factory Outlet Centers, Inc. (NYSE:SKT) will post sales of $93.70 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Tanger Factory Outlet Centers' earnings. The lowest sales estimate is $90.46 million and the highest is $96.93 million. Tanger Factory Outlet Centers reported sales of $100.25 million in the same quarter last year, which indicates a negative year-over-year growth rate of 6.5%. The business is scheduled to issue its next earnings results 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 anticipate that the business will post sales of $376.10 million, with estimates ranging from $359.61 million to $392.59 million. Zacks' sales averages are an average based on a survey of sell-side research firms that cover Tanger Factory Outlet Centers.
Tanger Factory Outlet Centers (NYSE:SKT) last released its earnings results on Monday, August 2nd. The real estate investment trust reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.18). Tanger Factory Outlet Centers had a return on equity of 4.64% and a net margin of 4.78%.
Several equities analysts recently issued reports on SKT shares. TheStreet upgraded shares of Tanger Factory Outlet Centers from a "d" rating to a "c-" rating in a research note on Monday, August 9th. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a "sell" rating to a "hold" rating in a research note on Tuesday, August 17th. Finally, Scotiabank boosted their target price on shares of Tanger Factory Outlet Centers from $13.00 to $15.00 and gave the company an "underperform" rating in a research note on Monday, June 28th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat, Tanger Factory Outlet Centers presently has a consensus rating of "Hold" and an average target price of $11.33.
In other Tanger Factory Outlet Centers news, Director Thomas Reddin sold 5,000 shares of the company's stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $18.00, for a total value of $90,000.00. Following the transaction, the director now owns 50,726 shares of the company's stock, valued at $913,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Carrie A. Warren sold 1,500 shares of the company's stock in a transaction dated Wednesday, August 25th. The shares were sold at an average price of $17.00, for a total transaction of $25,500.00. The disclosure for this sale can be found here. Insiders sold 15,500 shares of company stock valued at $271,660 in the last three months. 2.20% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of SKT. Millennium Management LLC increased its stake in shares of Tanger Factory Outlet Centers by 49.1% during the first quarter. Millennium Management LLC now owns 333,741 shares of the real estate investment trust's stock worth $5,050,000 after buying an additional 109,960 shares during the period. Virtu Financial LLC purchased a new stake in shares of Tanger Factory Outlet Centers during the first quarter worth approximately $2,244,000. Royce & Associates LP increased its stake in shares of Tanger Factory Outlet Centers by 3.2% during the first quarter. Royce & Associates LP now owns 1,042,662 shares of the real estate investment trust's stock worth $15,775,000 after buying an additional 32,500 shares during the period. Principal Financial Group Inc. increased its stake in shares of Tanger Factory Outlet Centers by 3.6% during the first quarter. Principal Financial Group Inc. now owns 1,048,616 shares of the real estate investment trust's stock worth $15,866,000 after buying an additional 36,727 shares during the period. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Tanger Factory Outlet Centers during the first quarter worth approximately $158,000. 77.94% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE SKT opened at $16.82 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 2.61. Tanger Factory Outlet Centers has a 12 month low of $5.56 and a 12 month high of $22.40. The company has a 50 day simple moving average of $17.37 and a two-hundred day simple moving average of $17.33. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 84.10, a PEG ratio of 6.65 and a beta of 2.03.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Friday, July 30th were issued a dividend of $0.177 per share. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date was Thursday, July 29th. Tanger Factory Outlet Centers's payout ratio is 44.94%.
About Tanger Factory Outlet Centers
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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