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. The Company has more than 39 years of experience in the outlet industry and is a publicly-traded REIT. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission ("SEC") that includes a supplemental information package for the quarter ended September 30, 2020.
Analysts Set New Price Targets
Separately, Compass Point dropped their price objective on shares of Tanger Factory Outlet Centers from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, June 22nd.
Tanger Factory Outlet Centers Price Performance
Shares of NYSE:SKT opened at $17.82 on Monday. The firm's 50 day moving average is $15.33 and its two-hundred day moving average is $16.44. Tanger Factory Outlet Centers has a 52 week low of $13.77 and a 52 week high of $22.51. The firm has a market capitalization of $1.86 billion, a P/E ratio of 45.69, a PEG ratio of 1.25 and a beta of 1.79. The company has a current ratio of 2.54, a quick ratio of 2.63 and a debt-to-equity ratio of 2.72.
Tanger Factory Outlet Centers (NYSE:SKT - Get Rating) last announced its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.19 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.23). Tanger Factory Outlet Centers had a net margin of 9.75% and a return on equity of 8.55%. The firm had revenue of $105.84 million during the quarter, compared to analyst estimates of $104.45 million. During the same quarter in the previous year, the business posted $0.43 EPS. Tanger Factory Outlet Centers's revenue for the quarter was up 4.5% compared to the same quarter last year. Analysts anticipate that Tanger Factory Outlet Centers will post 1.75 earnings per share for the current year.
Tanger Factory Outlet Centers Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, July 29th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $0.80 annualized dividend and a dividend yield of 4.49%. Tanger Factory Outlet Centers's payout ratio is currently 205.13%.