Insider Selling: Tanger Factory Outlet Centers Inc. (SKT) SVP Sells 2,357 Shares of Stock

Tanger Factory Outlet Centers Inc. (NYSE:SKT) SVP Carrie A. Warren sold 2,357 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $20.80, for a total transaction of $49,025.60. Following the transaction, the senior vice president now owns 55,501 shares in the company, valued at $1,154,420.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Shares of SKT stock traded down $0.05 during trading hours on Tuesday, hitting $20.76. The company’s stock had a trading volume of 968,669 shares, compared to its average volume of 1,672,073. The firm has a market capitalization of $1.92 billion, a PE ratio of 8.44, a P/E/G ratio of 1.61 and a beta of 0.51. Tanger Factory Outlet Centers Inc. has a twelve month low of $19.86 and a twelve month high of $27.88. The company has a debt-to-equity ratio of 2.99, a current ratio of 0.05 and a quick ratio of 0.05.

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

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Stockholders of record on Monday, April 30th were given a $0.35 dividend. The ex-dividend date was Friday, April 27th. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a dividend yield of 6.74%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 56.91%.

Several research analysts have weighed in on SKT shares. Boenning Scattergood restated a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Thursday, February 15th. Evercore ISI lowered shares of Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a research report on Thursday, February 15th. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Tuesday, May 8th. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, KeyCorp lowered shares of Tanger Factory Outlet Centers from a “sector weight” rating to an “underweight” rating and set a $19.00 price target on the stock. in a research report 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 presently has a consensus rating of “Sell” and an average price target of $23.70.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its stake in shares of Tanger Factory Outlet Centers by 69.8% during 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 buying an additional 2,863 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Tanger Factory Outlet Centers by 34.8% during 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 buying an additional 2,107 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Tanger Factory Outlet Centers during the first quarter valued at approximately $238,000. Xact Kapitalforvaltning AB purchased a new position in shares of Tanger Factory Outlet Centers during the fourth quarter valued at approximately $263,000. Finally, Lido Advisors LLC purchased a new position in shares of Tanger Factory Outlet Centers during the fourth quarter valued at approximately $265,000.

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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