Rhumbline Advisers lowered its stake in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 8.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 220,492 shares of the real estate investment trust’s stock after selling 20,166 shares during the period. Rhumbline Advisers owned about 0.23% of Tanger Factory Outlet Centers worth $5,728,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Glen Harbor Capital Management LLC boosted its position in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,476 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 132 shares during the last quarter. RMR Advisors LLC purchased a new position in shares of Tanger Factory Outlet Centers during the second quarter valued at $114,000. Elkfork Partners LLC boosted its position in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Elkfork Partners LLC now owns 4,424 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 168 shares during the last quarter. Meadow Creek Investment Management LLC boosted its position in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Meadow Creek Investment Management LLC now owns 5,372 shares of the real estate investment trust’s stock valued at $176,000 after buying an additional 204 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in shares of Tanger Factory Outlet Centers by 19.9% in the second quarter. LS Investment Advisors LLC now owns 7,629 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 1,266 shares during the last quarter. 97.09% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Factory Outlet Centers, Inc. (SKT) opened at 23.61 on Thursday. The firm has a 50-day moving average of $25.89 and a 200-day moving average of $28.99. The firm has a market cap of $2.24 billion, a PE ratio of 15.68 and a beta of 0.46. Tanger Factory Outlet Centers, Inc. has a 52-week low of $23.06 and a 52-week high of $41.19.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $122 million. During the same period in the prior year, the firm posted $0.59 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. Equities analysts anticipate that Tanger Factory Outlet Centers, Inc. will post $0.78 EPS for the current year.

Tanger Factory Outlet Centers declared that its Board of Directors has authorized a stock repurchase program on Friday, May 19th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 54% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a $0.3425 dividend. This represents a $1.37 annualized dividend and a yield of 5.80%. The ex-dividend date of this dividend was Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is currently 90.73%.

ILLEGAL ACTIVITY NOTICE: This report was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this report on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The legal version of this report can be viewed at https://www.thecerbatgem.com/2017/08/31/rhumbline-advisers-sells-20166-shares-of-tanger-factory-outlet-centers-inc-skt.html.

SKT has been the topic of several recent research reports. KeyCorp reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Friday, August 25th. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Saturday, July 15th. BidaskClub raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Jefferies Group LLC cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and lowered their price target for the company from $38.00 to $29.00 in a research report on Friday, June 16th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.43.

In other Tanger Factory Outlet Centers news, COO Thomas E. Mcdonough sold 10,734 shares of the company’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 directly owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Carrie A. Geldner sold 1,800 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 53,511 shares in the company, valued at $1,293,895.98. The disclosure for this sale can be found here. Corporate insiders own 4.80% 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.

Institutional Ownership by Quarter 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.