Tanger Factory Outlet Centers (NYSE:SKT) posted its earnings results on Tuesday. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05, Yahoo Finance reports. Tanger Factory Outlet Centers had a net margin of 12.34% and a return on equity of 8.98%. The company had revenue of $126.49 million during the quarter, compared to the consensus estimate of $122.67 million. Tanger Factory Outlet Centers updated its FY18 guidance to $2.43-2.49 EPS.
Tanger Factory Outlet Centers (NYSE:SKT) traded down $1.41 during mid-day trading on Wednesday, hitting $22.06. 6,416,177 shares of the stock were exchanged, compared to its average volume of 1,719,845. The stock has a market capitalization of $2,030.00, a PE ratio of 35.28, a P/E/G ratio of 2.98 and a beta of 0.44. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 2.91. Tanger Factory Outlet Centers has a twelve month low of $21.14 and a twelve month high of $34.76.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Wednesday, January 31st will be paid a dividend of $0.343 per share. The ex-dividend date is Tuesday, January 30th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 6.22%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. Tanger Factory Outlet Centers’s payout ratio is currently 220.97%.
A number of research firms have weighed in on SKT. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research note on Wednesday, January 10th. Bank of America raised shares of Tanger Factory Outlet Centers from an “underperform” rating to a “neutral” rating in a research note on Thursday, November 9th. Boenning Scattergood raised shares of Tanger Factory Outlet Centers from an “under perform” rating to a “neutral” rating in a research note on Friday, November 3rd. Finally, Jefferies Group reissued a “hold” rating and set a $24.00 target price on shares of Tanger Factory Outlet Centers in a research note on Friday, December 22nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $26.60.
In other news, CMO Carrie A. Geldner sold 2,250 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $24.50, for a total transaction of $55,125.00. Following the completion of the sale, the chief marketing officer now owns 51,261 shares of the company’s stock, valued at $1,255,894.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is owned by insiders.
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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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