Analysts Anticipate Tanger Factory Outlet Centers (SKT) Will Post Quarterly Sales of $117.95 Million

Wall Street brokerages expect Tanger Factory Outlet Centers (NYSE:SKT) to report sales of $117.95 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made 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 posted sales of $121.37 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 2.8%. The firm is expected to issue its next 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 $477.19 million for the current fiscal year, with estimates ranging from $469.85 million to $482.73 million. For the next year, analysts forecast that the business will post 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 research analysts that that provide coverage for Tanger Factory Outlet Centers.

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Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings data on Tuesday, February 13th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.05. The company had revenue of $126.49 million for 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%.

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

In related news, VP Virginia R. Summerell sold 5,800 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $22.90, for a total value of $132,820.00. Following the transaction, the vice president now directly owns 32,025 shares in the company, valued at $733,372.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Thomas E. Mcdonough sold 11,276 shares of the company’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 159,088 shares in the company, valued at $3,587,434.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,515 shares of company stock worth $396,945. Insiders own 2.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKT. Envestnet Asset Management Inc. lifted its holdings in Tanger Factory Outlet Centers by 69.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,963 shares of the real estate investment trust’s stock valued at $185,000 after acquiring an additional 2,863 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Tanger Factory Outlet Centers by 34.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,160 shares of the real estate investment trust’s stock valued at $216,000 after acquiring an additional 2,107 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new position in Tanger Factory Outlet Centers in the fourth quarter valued at approximately $263,000. Lido Advisors LLC acquired a new position in Tanger Factory Outlet Centers in the fourth quarter valued at approximately $265,000. Finally, Vident Investment Advisory LLC acquired a new position in Tanger Factory Outlet Centers in the fourth quarter valued at approximately $296,000.

Shares of Tanger Factory Outlet Centers stock opened at $22.77 on Thursday. The company has a market cap of $2,143.17, a PE ratio of 9.26, a P/E/G ratio of 1.75 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. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.07 and a current ratio of 0.07.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Monday, April 30th will be issued a dividend of $0.35 per share. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a dividend yield of 6.15%. The ex-dividend date of this dividend is Friday, April 27th. Tanger Factory Outlet Centers’s payout ratio is currently 55.69%.

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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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