Tanger Factory Outlet Centers Target of Unusually High Options Trading (SKT)

Tanger Factory Outlet Centers Inc. (NYSE:SKT) was the recipient of unusually large options trading on Thursday. Investors purchased 37,931 put options on the stock. This represents an increase of 4,437% compared to the typical volume of 836 put options.

Tanger Factory Outlet Centers (NYSE:SKT) opened at $22.39 on Friday. The company has a current ratio of 0.07, a quick ratio of 0.10 and a debt-to-equity ratio of 2.88. The firm has a market capitalization of $2,073.71, a P/E ratio of 10.44, a P/E/G ratio of 2.88 and a beta of 0.44. Tanger Factory Outlet Centers has a 12-month low of $21.14 and a 12-month high of $34.76.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Tuesday, February 13th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $126.49 million during the quarter, compared to analysts’ expectations of $122.67 million. Tanger Factory Outlet Centers had a return on equity of 10.45% and a net margin of 13.80%. equities analysts predict that Tanger Factory Outlet Centers will post 2.44 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Wednesday, January 31st were given a dividend of $0.343 per share. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. This represents a $1.37 annualized dividend and a yield of 6.13%. The ex-dividend date of this dividend was Tuesday, January 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 195.71%.

SKT has been the subject of several research analyst reports. Boenning Scattergood upgraded Tanger Factory Outlet Centers from an “under perform” rating to a “neutral” rating in a research note on Friday, November 3rd. Bank of America upgraded Tanger Factory Outlet Centers from an “underperform” rating to a “neutral” rating in a research note on Thursday, November 9th. Citigroup reduced their price target on Tanger Factory Outlet Centers from $27.00 to $25.00 and set a “sell” rating for the company in a research report on Friday, November 10th. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, Jefferies Group reiterated a “hold” rating and set a $24.00 price target on shares of Tanger Factory Outlet Centers in a research report on Friday, December 22nd. Four equities research analysts have rated the stock with a sell rating and six have issued a hold 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 firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $24.50, for a total value of $55,125.00. Following the completion of the transaction, the chief marketing officer now directly owns 51,261 shares in the company, valued at $1,255,894.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Thomas E. Mcdonough sold 11,276 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $22.55, for a total value of $254,273.80. Following the completion of the transaction, the chief operating officer now owns 159,088 shares of the company’s stock, valued at $3,587,434.40. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SKT. Principal Financial Group Inc. grew its holdings in Tanger Factory Outlet Centers by 29.5% in the third quarter. Principal Financial Group Inc. now owns 5,110,454 shares of the real estate investment trust’s stock valued at $124,797,000 after purchasing an additional 1,163,429 shares during the period. Wedge Capital Management L L P NC acquired a new stake in Tanger Factory Outlet Centers in the fourth quarter valued at approximately $24,612,000. AEW Capital Management L P grew its holdings in Tanger Factory Outlet Centers by 52.0% in the fourth quarter. AEW Capital Management L P now owns 1,589,020 shares of the real estate investment trust’s stock valued at $42,125,000 after purchasing an additional 543,700 shares during the period. Wells Fargo & Company MN grew its holdings in Tanger Factory Outlet Centers by 352.5% in the third quarter. Wells Fargo & Company MN now owns 553,927 shares of the real estate investment trust’s stock valued at $13,526,000 after purchasing an additional 431,513 shares during the period. Finally, King Street Capital Management L.P. acquired a new stake in Tanger Factory Outlet Centers in the third quarter valued at approximately $9,280,000. Institutional investors own 95.30% of the company’s stock.

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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.

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