Tanger Factory Outlet Centers Inc. (NYSE:SKT) – Equities researchers at KeyCorp reduced their FY2017 earnings per share estimates for Tanger Factory Outlet Centers in a note issued to investors on Thursday, Zacks Investment Research reports. KeyCorp analyst T. Thomas now expects that the real estate investment trust will earn $2.41 per share for the year, down from their previous forecast of $2.45. KeyCorp also issued estimates for Tanger Factory Outlet Centers’ FY2018 earnings at $2.56 EPS.

Several other analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday. Evercore ISI upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to an “outperform” rating in a research note on Friday, March 3rd. Finally, Jefferies Group LLC decreased their target price on shares of Tanger Factory Outlet Centers from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, January 27th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $40.60.

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

TRADEMARK VIOLATION NOTICE: “KeyCorp Weighs in on Tanger Factory Outlet Centers Inc.’s FY2017 Earnings (SKT)” was first posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this news story on another publication, it was stolen and reposted in violation of United States and international trademark and copyright law. The original version of this news story can be viewed at https://www.thecerbatgem.com/2017/05/19/fy2017-eps-estimates-for-tanger-factory-outlet-centers-inc-reduced-by-analyst-skt-updated.html.

Tanger Factory Outlet Centers (NYSE:SKT) traded up 2.43% on Monday, reaching $26.10. 883,877 shares of the company’s stock traded hands. Tanger Factory Outlet Centers has a 12-month low of $24.71 and a 12-month high of $42.20. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 13.32 and a beta of 0.41. The stock has a 50 day moving average price of $30.69 and a 200 day moving average price of $33.32.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.35. Tanger Factory Outlet Centers had a return on equity of 42.50% and a net margin of 60.55%. The business had revenue of $121.37 million during the quarter, compared to the consensus estimate of $122.59 million. During the same quarter in the previous year, the business posted $0.56 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis.

Large investors have recently modified their holdings of the stock. Commonwealth Equity Services Inc boosted its stake in shares of Tanger Factory Outlet Centers by 6.3% in the third quarter. Commonwealth Equity Services Inc now owns 25,820 shares of the real estate investment trust’s stock worth $1,006,000 after buying an additional 1,533 shares during the period. Texas Permanent School Fund boosted its stake in shares of Tanger Factory Outlet Centers by 0.7% in the third quarter. Texas Permanent School Fund now owns 73,173 shares of the real estate investment trust’s stock worth $2,851,000 after buying an additional 503 shares during the period. Chicago Equity Partners LLC acquired a new stake in shares of Tanger Factory Outlet Centers during the third quarter worth approximately $1,912,000. First Citizens Bank & Trust Co. raised its stake in shares of Tanger Factory Outlet Centers by 1.3% in the third quarter. First Citizens Bank & Trust Co. now owns 11,831 shares of the real estate investment trust’s stock worth $461,000 after buying an additional 155 shares in the last quarter. Finally, Kissinger Financial Services LLC purchased a new stake in shares of Tanger Factory Outlet Centers during the third quarter worth about $762,000. Institutional investors and hedge funds own 94.39% of the company’s stock.

In other news, VP Virginia R. Summerell sold 7,000 shares of the stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $34.19, for a total value of $239,330.00. Following the completion of the sale, the vice president now directly owns 31,322 shares in the company, valued at $1,070,899.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Carrie A. Geldner sold 2,000 shares of the stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $33.75, for a total transaction of $67,500.00. Following the completion of the sale, the senior vice president now owns 56,756 shares of the company’s stock, valued at $1,915,515. The disclosure for this sale can be found here. Insiders have sold 78,984 shares of company stock valued at $2,444,138 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, April 28th were given a dividend of $0.3425 per share. The ex-dividend date of this dividend was Wednesday, April 26th. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.33. This represents a $1.37 dividend on an annualized basis and a yield of 5.38%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 44.98%.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

5 Day Chart for NYSE:SKT

Get a free copy of the Zacks research report on Tanger Factory Outlet Centers (SKT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Stock Ratings for Tanger Factory Outlet Centers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers Inc. and related stocks with our FREE daily email newsletter.