Tanger Factory Outlet Centers, Inc. (NYSE:SKT) – Jefferies Group reduced their FY2017 EPS estimates for shares of Tanger Factory Outlet Centers in a note issued to investors on Wednesday. Jefferies Group analyst O. Okusanya now expects that the real estate investment trust will earn $2.40 per share for the year, down from their prior estimate of $2.41. Jefferies Group currently has a “Hold” rating and a $29.00 target price on the stock. Jefferies Group also issued estimates for Tanger Factory Outlet Centers’ FY2018 earnings at $2.49 EPS.

A number of other equities research analysts also recently issued reports on SKT. BidaskClub raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Citigroup Inc. raised Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. Boenning Scattergood set a $25.00 target price on Tanger Factory Outlet Centers and gave the stock a “sell” rating in a research report on Thursday, August 3rd. ValuEngine downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Saturday, July 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.43.

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Tanger Factory Outlet Centers (NYSE SKT) opened at 24.32 on Friday. Tanger Factory Outlet Centers has a one year low of $24.30 and a one year high of $41.25. The stock has a market capitalization of $2.31 billion, a PE ratio of 16.15 and a beta of 0.46. The company’s 50-day moving average price is $26.25 and its 200-day moving average price is $29.41.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The company had revenue of $119.60 million during the quarter, compared to analysts’ expectations of $122 million. During the same period last year, the business posted $0.59 EPS. Tanger Factory Outlet Centers’s revenue for the quarter was up 7.5% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were paid a $0.3425 dividend. This represents a $1.37 annualized dividend and a dividend yield of 5.63%. The ex-dividend date was Thursday, July 27th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 90.73%.

Tanger Factory Outlet Centers announced that its Board of Directors has authorized a share repurchase program on Friday, May 19th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 54% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

In related news, COO Thomas E. Mcdonough sold 10,734 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total value of $287,027.16. Following the transaction, the chief operating officer now owns 180,551 shares in the company, valued at $4,827,933.74. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SKT. BlackRock Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 2,800.6% in the first quarter. BlackRock Inc. now owns 11,216,024 shares of the real estate investment trust’s stock valued at $367,550,000 after buying an additional 10,829,338 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 199.1% in the second quarter. Principal Financial Group Inc. now owns 3,947,025 shares of the real estate investment trust’s stock valued at $102,543,000 after buying an additional 2,627,566 shares during the last quarter. State Street Corp boosted its stake in shares of Tanger Factory Outlet Centers by 11.2% in the second quarter. State Street Corp now owns 11,298,397 shares of the real estate investment trust’s stock valued at $293,533,000 after buying an additional 1,140,291 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 278.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 678,150 shares of the real estate investment trust’s stock valued at $17,618,000 after buying an additional 498,985 shares during the last quarter. Finally, BlueCrest Capital Management Ltd boosted its stake in shares of Tanger Factory Outlet Centers by 774.8% in the second quarter. BlueCrest Capital Management Ltd now owns 560,577 shares of the real estate investment trust’s stock valued at $14,564,000 after buying an additional 496,493 shares during the last quarter. Hedge funds and other institutional investors own 97.97% of the company’s stock.

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.

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

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