Ceredex Value Advisors LLC Purchases New Stake in Tanger Factory Outlet Centers (SKT)

Ceredex Value Advisors LLC acquired a new position in shares of Tanger Factory Outlet Centers (NYSE:SKT) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,908,819 shares of the real estate investment trust’s stock, valued at approximately $63,994,000. Ceredex Value Advisors LLC owned about 3.08% of Tanger Factory Outlet Centers at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Virtus Fund Advisers LLC lifted its stake in Tanger Factory Outlet Centers by 5.9% during the fourth 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 during the last quarter. AEW Capital Management L P lifted its stake in Tanger Factory Outlet Centers by 52.0% during the fourth 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 during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Tanger Factory Outlet Centers by 4.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,086,237 shares of the real estate investment trust’s stock worth $23,898,000 after purchasing an additional 46,213 shares during the last quarter. Geode Capital Management LLC lifted its stake in Tanger Factory Outlet Centers by 2.9% during the fourth 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 during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in Tanger Factory Outlet Centers during the fourth quarter worth $24,612,000.

SKT stock opened at $20.16 on Friday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 2.99. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 8.20, a P/E/G ratio of 1.59 and a beta of 0.51. Tanger Factory Outlet Centers has a 1 year low of $20.05 and a 1 year high of $20.42.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.34). The company had revenue of $123.50 million during the quarter, compared to the consensus estimate of $120.93 million. Tanger Factory Outlet Centers had a net margin of 13.85% and a return on equity of 10.97%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 earnings per share. analysts predict that Tanger Factory Outlet Centers will post 2.44 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 15th. Shareholders of record on Monday, April 30th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 6.94%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, April 27th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 56.91%.

Several equities analysts recently issued reports on SKT shares. Evercore ISI cut Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a research note on Thursday, February 15th. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Tuesday, May 8th. Boenning Scattergood restated a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Thursday, February 15th. ValuEngine cut Tanger Factory Outlet Centers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Finally, KeyCorp cut Tanger Factory Outlet Centers from a “sector weight” rating to an “underweight” rating and set a $19.00 price objective on the stock. in a research note on Wednesday, May 2nd. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has an average rating of “Sell” and a consensus price target of $23.70.

In other Tanger Factory Outlet Centers news, VP Virginia R. Summerell sold 5,800 shares of the firm’s stock in a transaction 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 sale, the vice president now directly owns 32,025 shares in the company, valued at $733,372.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Thomas E. Mcdonough sold 11,276 shares of the firm’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 $3,587,434.40. The disclosure for this sale can be found here. Insiders sold 17,515 shares of company stock worth $396,945 over the last quarter. 2.10% of the stock is currently owned by company insiders.

About Tanger Factory Outlet Centers

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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Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

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