Schwab Charles Investment Management Inc. lifted its stake in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 7.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,012,260 shares of the real estate investment trust’s stock after purchasing an additional 67,151 shares during the period. Schwab Charles Investment Management Inc. owned 1.05% of Tanger Factory Outlet Centers worth $26,299,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Glen Harbor Capital Management LLC raised its position in shares of Tanger Factory Outlet Centers by 3.9% during the 1st 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 period. RMR Advisors LLC purchased a new stake in shares of Tanger Factory Outlet Centers during the 2nd quarter valued at approximately $114,000. Elkfork Partners LLC raised its position in shares of Tanger Factory Outlet Centers by 3.9% during the 1st 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 period. Meadow Creek Investment Management LLC raised its position in shares of Tanger Factory Outlet Centers by 3.9% during the 1st 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 period. Finally, LS Investment Advisors LLC raised its position in shares of Tanger Factory Outlet Centers by 19.9% during the 2nd 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 period. Institutional investors and hedge funds own 97.09% of the company’s stock.

In other Tanger Factory Outlet Centers news, COO Thomas E. Mcdonough sold 10,734 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total transaction of $287,027.16. Following the transaction, the chief operating officer now owns 180,551 shares of the company’s stock, valued at $4,827,933.74. The transaction 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 stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total transaction of $43,524.00. Following the transaction, the senior vice president now directly owns 53,511 shares in the company, valued at approximately $1,293,895.98. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.

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SKT has been the topic of several analyst reports. BidaskClub raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Citigroup Inc. raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. 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. Finally, KeyCorp reaffirmed a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $32.43.

Shares of Tanger Factory Outlet Centers, Inc. (NYSE SKT) opened at 24.99 on Friday. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 16.59 and a beta of 0.47. The firm has a 50-day moving average price of $24.81 and a 200-day moving average price of $27.99. Tanger Factory Outlet Centers, Inc. has a 12 month low of $23.06 and a 12 month high of $40.05.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. The firm had revenue of $119.60 million for the quarter, compared to analyst estimates of $122.00 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. Tanger Factory Outlet Centers’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 earnings per share. Equities analysts expect that Tanger Factory Outlet Centers, Inc. will post $0.78 EPS for the current fiscal year.

Tanger Factory Outlet Centers declared that its board has authorized a share buyback 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 buy up to 54% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Tanger Factory Outlet Centers

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.

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

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