Tanger Factory Outlet Centers, Inc. (NYSE:SKT) – Stock analysts at Jefferies Group lifted their FY2017 EPS estimates for shares of Tanger Factory Outlet Centers in a research note issued to investors on Wednesday. Jefferies Group analyst O. Okusanya now forecasts that the real estate investment trust will post earnings of $2.41 per share for the year, up from their previous forecast of $2.40. Jefferies Group has a “Hold” rating and a $29.00 price objective on the stock.

A number of other brokerages have also issued reports on SKT. BidaskClub upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Citigroup Inc. upgraded Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. ValuEngine lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Saturday, July 15th. Finally, KeyCorp reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $32.43.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark and copyright legislation. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2017/08/28/tanger-factory-outlet-centers-inc-skt-to-post-fy2017-earnings-of-2-41-per-share-jefferies-group-forecasts.html.

Tanger Factory Outlet Centers (NYSE SKT) opened at 24.28 on Monday. The stock has a market cap of $2.31 billion, a P/E ratio of 16.12 and a beta of 0.46. Tanger Factory Outlet Centers has a 52-week low of $23.66 and a 52-week high of $41.19. The firm’s 50-day moving average is $25.89 and its 200-day moving average is $28.99.

Tanger Factory Outlet Centers (NYSE:SKT) last posted 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. The business had revenue of $119.60 million for the quarter, compared to the consensus estimate of $122 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.59 EPS.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were issued a $0.3425 dividend. The ex-dividend date was Thursday, July 27th. This represents a $1.37 annualized dividend and a dividend yield of 5.64%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 90.73%.

Tanger Factory Outlet Centers announced that its Board of Directors has initiated 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 repurchase up to 54% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, SVP Carrie A. Geldner sold 1,800 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total value of $43,524.00. Following the completion of the sale, the senior vice president now owns 53,511 shares in the company, valued at $1,293,895.98. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Thomas E. Mcdonough sold 10,734 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total value of $287,027.16. Following the completion of the sale, the chief operating officer now owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Goodwin Daniel L purchased a new stake in shares of Tanger Factory Outlet Centers during the second quarter valued at $317,000. Credit Suisse AG raised its stake in shares of Tanger Factory Outlet Centers by 5.7% in the first quarter. Credit Suisse AG now owns 428,564 shares of the real estate investment trust’s stock worth $14,043,000 after buying an additional 23,157 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of Tanger Factory Outlet Centers by 15.7% in the first quarter. TIAA CREF Investment Management LLC now owns 448,885 shares of the real estate investment trust’s stock worth $14,710,000 after buying an additional 60,838 shares during the period. Morgan Stanley raised its stake in shares of Tanger Factory Outlet Centers by 9.8% in the first quarter. Morgan Stanley now owns 5,353,601 shares of the real estate investment trust’s stock worth $175,438,000 after buying an additional 477,744 shares during the period. Finally, Crestwood Advisors Group LLC raised its stake in shares of Tanger Factory Outlet Centers by 1.9% in the second quarter. Crestwood Advisors Group LLC now owns 377,654 shares of the real estate investment trust’s stock worth $9,900,000 after buying an additional 6,918 shares during the period. Institutional investors and hedge funds 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)

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.