Tanger (NYSE:SKT) Announces Quarterly Earnings Results

Tanger (NYSE:SKT) posted its earnings results on Tuesday. The real estate investment trust reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04, Zacks reports. Tanger had a net margin of 19.15% and a return on equity of 15.75%.

Tanger Stock Performance

SKT stock traded down $0.08 during midday trading on Tuesday, reaching $35.53. The stock had a trading volume of 1,260,125 shares, compared to its average volume of 1,162,795. The firm has a fifty day simple moving average of $33.68 and a two-hundred day simple moving average of $33.44. Tanger has a 52-week low of $28.69 and a 52-week high of $36.51. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market cap of $4.09 billion, a PE ratio of 37.80, a P/E/G ratio of 1.56 and a beta of 1.18.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, January 30th. Tanger’s dividend payout ratio is presently 124.47%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Mariner LLC acquired a new position in Tanger in the fourth quarter valued at approximately $263,000. Virtus Advisers LLC acquired a new stake in shares of Tanger during the 4th quarter worth approximately $155,000. Cibc World Markets Corp purchased a new position in shares of Tanger during the 4th quarter valued at approximately $247,000. CIBC Asset Management Inc acquired a new position in shares of Tanger in the 4th quarter valued at $200,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Tanger by 5.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 5,877 shares of the real estate investment trust’s stock valued at $199,000 after purchasing an additional 306 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Barclays restated a “positive” rating and set a $36.00 price objective on shares of Tanger in a report on Tuesday, January 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Citigroup reissued a “neutral” rating and issued a $35.00 price objective (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Finally, Scotiabank lifted their price target on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Tanger presently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.