Duff & Phelps Investment Management Co. cut its position in Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 14.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,670,206 shares of the real estate investment trust’s stock after selling 286,600 shares during the period. Duff & Phelps Investment Management Co. owned approximately 1.76% of Tanger Factory Outlet Centers worth $67,109,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Pecaut & CO. acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth about $201,000. LS Investment Advisors LLC raised its stake in shares of Tanger Factory Outlet Centers by 72.3% in the second quarter. LS Investment Advisors LLC now owns 5,682 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 2,385 shares during the last quarter. Prudential PLC acquired a new stake in shares of Tanger Factory Outlet Centers during the first quarter worth about $240,000. Eqis Capital Management Inc. acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth about $276,000. Finally, Capstone Asset Management Co. raised its stake in shares of Tanger Factory Outlet Centers by 6.2% in the second quarter. Capstone Asset Management Co. now owns 7,231 shares of the real estate investment trust’s stock worth $291,000 after buying an additional 420 shares during the last quarter. Institutional investors and hedge funds own 97.07% of the company’s stock.

Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

Shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) traded up 0.19% during mid-day trading on Wednesday, reaching $37.07. 253,793 shares of the company’s stock traded hands. Tanger Factory Outlet Centers Inc. has a 12-month low of $29.46 and a 12-month high of $42.20. The stock has a market capitalization of $3.53 billion, a PE ratio of 14.16 and a beta of 0.44. The company’s 50-day moving average price is $38.68 and its 200-day moving average price is $38.29.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business earned $111.30 million during the quarter, compared to the consensus estimate of $107.85 million. Tanger Factory Outlet Centers had a net margin of 55.84% and a return on equity of 41.28%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 earnings per share. Analysts anticipate that Tanger Factory Outlet Centers Inc. will post $2.35 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Monday, October 31st will be paid a dividend of $0.325 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.51%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 49.43%.

Several research analysts have commented on the stock. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Tuesday, October 11th. Hilliard Lyons raised shares of Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a report on Thursday, August 25th. Citigroup Inc. increased their price objective on shares of Tanger Factory Outlet Centers from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Jefferies Group reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Wednesday, August 31st. Finally, RBC Capital Markets reissued an “outperform” rating and set a $48.00 price objective (up previously from $44.00) on shares of Tanger Factory Outlet Centers in a report on Monday, August 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $40.67.

In other news, SVP Carrie A. Geldner sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $40.47, for a total transaction of $60,705.00. Following the completion of the sale, the senior vice president now owns 50,189 shares of the company’s stock, valued at $2,031,148.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company’s stock.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing, acquiring, owning, operating and managing outlet shopping centers in the United States and Canada. The Company’s consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet.

5 Day Chart for NYSE:SKT

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