Tanger Factory Outlet Centers (SKT) Updates FY18 Earnings Guidance

Tanger Factory Outlet Centers (NYSE:SKT) updated its FY18 earnings guidance on Thursday. The company provided earnings per share guidance of $2.42-2.46 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.43.

A number of equities analysts recently commented on the company. ValuEngine upgraded Tanger Factory Outlet Centers from a strong sell rating to a sell rating in a report on Saturday, September 1st. Scotiabank assumed coverage on Tanger Factory Outlet Centers in a report on Tuesday, October 16th. They set an underperform rating for the company. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a sell rating to a hold rating in a report on Thursday, September 6th. Finally, Citigroup upped their target price on Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the company a neutral rating in a report on Thursday, August 16th. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The company has a consensus rating of Hold and an average price target of $21.83.

Shares of Tanger Factory Outlet Centers stock traded up $0.20 during midday trading on Thursday, reaching $22.46. 1,354,891 shares of the company’s stock traded hands, compared to its average volume of 1,490,061. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 3.07. The company has a market cap of $2.16 billion, a PE ratio of 9.13, a P/E/G ratio of 1.99 and a beta of 0.51. Tanger Factory Outlet Centers has a 12 month low of $19.86 and a 12 month high of $26.73.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, July 31st. The real estate investment trust reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.35). The business had revenue of $117.08 million for the quarter, compared to the consensus estimate of $116.92 million. Tanger Factory Outlet Centers had a net margin of 12.60% and a return on equity of 10.34%. On average, research analysts anticipate that Tanger Factory Outlet Centers will post 2.43 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be paid a $0.35 dividend. The ex-dividend date is Tuesday, October 30th. This represents a $1.40 annualized dividend and a yield of 6.23%. Tanger Factory Outlet Centers’s payout ratio is 56.91%.

In related news, SVP Carrie A. Warren sold 2,000 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $24.14, for a total value of $48,280.00. Following the sale, the senior vice president now directly owns 53,501 shares of the company’s stock, valued at $1,291,514.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 4,500 shares of company stock worth $107,930. 2.10% of the stock is owned by 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 510 different brand name companies.

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

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