Brokerages Anticipate Tanger Factory Outlet Centers (SKT) Will Announce Quarterly Sales of $117.95 Million

Analysts expect that Tanger Factory Outlet Centers (NYSE:SKT) will post $117.95 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Tanger Factory Outlet Centers’ earnings, with the lowest sales estimate coming in at $116.77 million and the highest estimate coming in at $119.85 million. Tanger Factory Outlet Centers reported sales of $121.37 million in the same quarter last year, which would suggest a negative year over year growth rate of 2.8%. The company is scheduled to issue its next quarterly earnings results after the market closes on Tuesday, May 1st.

According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full-year sales of $117.95 million for the current year, with estimates ranging from $469.85 million to $482.73 million. For the next year, analysts anticipate that the firm will report sales of $485.13 million per share, with estimates ranging from $474.02 million to $497.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Tanger Factory Outlet Centers.

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Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings results on Tuesday, February 13th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.05. The company had revenue of $126.49 million for the quarter, compared to the consensus estimate of $122.67 million. Tanger Factory Outlet Centers had a return on equity of 10.45% and a net margin of 13.80%.

A number of research analysts have recently weighed in on SKT shares. ValuEngine downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Jefferies Group reissued a “hold” rating and issued a $24.00 price target on shares of Tanger Factory Outlet Centers in a research note on Friday, December 22nd. Boenning Scattergood restated a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Thursday, February 15th. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Finally, Evercore ISI cut shares of Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a research report on Thursday, February 15th. Four investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Tanger Factory Outlet Centers has a consensus rating of “Hold” and an average target price of $24.88.

Shares of SKT stock traded down $0.40 during trading hours on Monday, reaching $22.78. The company had a trading volume of 746,310 shares, compared to its average volume of 1,701,625. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 2.88. The company has a market cap of $2,191.39, a P/E ratio of 9.26, a price-to-earnings-growth ratio of 1.79 and a beta of 0.52. Tanger Factory Outlet Centers has a 1-year low of $21.14 and a 1-year high of $33.68.

In related news, COO Thomas E. Mcdonough sold 11,276 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $22.55, for a total value of $254,273.80. Following the completion of the sale, the chief operating officer now owns 159,088 shares in the company, valued at approximately $3,587,434.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Virginia R. Summerell sold 5,800 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $22.90, for a total transaction of $132,820.00. Following the completion of the sale, the vice president now owns 32,025 shares of the company’s stock, valued at approximately $733,372.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,515 shares of company stock valued at $396,945. 4.80% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtus Fund Advisers LLC increased its holdings in Tanger Factory Outlet Centers by 5.9% during the 4th quarter. Virtus Fund Advisers LLC now owns 2,917,416 shares of the real estate investment trust’s stock worth $77,341,000 after purchasing an additional 163,134 shares in the last quarter. AEW Capital Management L P increased its holdings in Tanger Factory Outlet Centers by 52.0% during the 4th quarter. AEW Capital Management L P now owns 1,589,020 shares of the real estate investment trust’s stock worth $42,125,000 after purchasing an additional 543,700 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Tanger Factory Outlet Centers by 3.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,419,021 shares of the real estate investment trust’s stock worth $34,654,000 after purchasing an additional 42,345 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Tanger Factory Outlet Centers by 7.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,040,024 shares of the real estate investment trust’s stock worth $27,572,000 after purchasing an additional 71,863 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Tanger Factory Outlet Centers by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 955,927 shares of the real estate investment trust’s stock worth $25,341,000 after purchasing an additional 26,625 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

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Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 500 different brand name companies.

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Earnings History and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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