Tanger Factory Outlet Centers (NYSE:SKT) Sees Price Increase - Up by 1.19%

Cornelia Mascio
Novembre 15, 2017

KeyCorp reaffirmed a "hold" rating on shares of Tanger Factory Outlet Centers in a research note on Friday, August 25th. The average twelve-month price objective among brokers that have issued a report on the stock in the a year ago is $40.67.

Tanger Factory Outlet Centers (NYSE:SKT) traded up $0.22 during mid-day trading on Friday, hitting $24.49.

Tanger Factory Outlet Centers has increased its dividend by an average of 12.5% per year over the last three years and has raised its dividend annually for the last 24 consecutive years.

Traders are feeling more bearish on shares of Tanger Factory Outlet Centers lately as evidenced by the change in short interest. Tanger Factory Outlet Centers now has a consensus rating of "Hold" and an average target price of $27.00. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 2.91. Its outlet centers and other assets are held by, and all of its operations are conducted by, Tanger Properties Limited Partnership and subsidiaries (Operating Partnership). As of the latest earnings report the EPS was $0.62 with 94.53M shares now outstanding. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company.

The following firms have recently changed their position in SKT. Capital Advisors Ltd. LLC acquired a new stake in Tanger Factory Outlet Centers in the third quarter valued at $134,000. The company's revenue for the quarter was up 5.5% compared to the same quarter a year ago. Stockholders of record on Tuesday, October 31st will be given a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a yield of 5.64%.

The P/E ratio is now 38.55 and market cap is 2.27B. Tanger Factory Outlet Centers's dividend payout ratio is 220.97%.

In related news, SVP Carrie A. Geldner sold 1,800 shares of the business's stock in a transaction that occurred on Wednesday, August 23rd. Following the completion of the sale, the senior vice president now directly owns 53,511 shares in the company, valued at $1,293,895.98. The shares were sold at an average price of $33.89, for a total value of $152,505.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey B. Citrin bought 1,000 shares of Tanger Factory Outlet Centers stock in a transaction dated Friday, October 28th. Amalgamated Bank claims 17,636 shares valued at $431,000. Following the transaction, the director now owns 14,862 shares of the company's stock, valued at approximately $511,252.80. The disclosure for this purchase can be found here.

Institutional investors and hedge funds have recently modified their holdings of the business. The value of the company's investment in Tanger Factory Outlet Centers went from $3,000 to $169,000 a change of 5,533.3% since the last quarter.

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. As of the end of the quarter Amalgamated Bank had sold a total of 613 shares trimming its stake by 3.4%. Smith Salley & Associates acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth about $2,032,000. Insiders own 4.80% of the company's stock. Oppenheimer & Co Inc now owns 11,253 shares worth $275,000. Advisor Group Inc. lifted its stake in Tanger Factory Outlet Centers by 6.5% in the second quarter. Boenning Scattergood also issued estimates for Tanger Factory Outlet Centers' Q2 2018 earnings at $0.62 EPS. Its investment was valued at $4,744,000 a decrease of $379,000 as of the end of the quarter. 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. The Company's consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet.

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