Bank of Montreal Can boosted its stake in shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 81.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,455 shares of the real estate investment trust’s stock after purchasing an additional 36,588 shares during the period. Bank of Montreal Can’s holdings in Tanger Factory Outlet Centers were worth $1,864,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Qube Research & Technologies Ltd purchased a new position in Tanger Factory Outlet Centers during the second quarter worth approximately $119,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Tanger Factory Outlet Centers in the 2nd quarter valued at $217,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Tanger Factory Outlet Centers in the 2nd quarter valued at $235,000. ARP Americas LP purchased a new position in shares of Tanger Factory Outlet Centers in the 2nd quarter valued at $251,000. Finally, Xact Kapitalforvaltning AB raised its stake in shares of Tanger Factory Outlet Centers by 49.4% in the 1st quarter. Xact Kapitalforvaltning AB now owns 14,811 shares of the real estate investment trust’s stock valued at $326,000 after acquiring an additional 4,900 shares during the period.
A number of equities analysts have recently commented on the stock. Citigroup raised their target price on shares of Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the company a “neutral” rating in a research note on Thursday, August 16th. ValuEngine raised shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 1st. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Thursday, September 6th. Finally, Scotiabank assumed coverage on shares of Tanger Factory Outlet Centers in a research note on Tuesday, October 16th. They issued an “underperform” rating on the stock. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $21.83.
In other news, SVP Carrie A. Warren sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $24.14, for a total value of $48,280.00. Following the transaction, the senior vice president now owns 53,501 shares of the company’s stock, valued at approximately $1,291,514.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.10% of the company’s stock.
Shares of SKT stock opened at $23.63 on Friday. Tanger Factory Outlet Centers Inc. has a 52 week low of $19.86 and a 52 week high of $26.73. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 3.33. The firm has a market capitalization of $2.16 billion, a PE ratio of 9.61, a price-to-earnings-growth ratio of 2.00 and a beta of 0.42.
Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.03. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. The business had revenue of $124.24 million for the quarter, compared to the consensus estimate of $119.47 million. During the same quarter last year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts expect that Tanger Factory Outlet Centers Inc. will post 2.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date of this dividend is Tuesday, October 30th. Tanger Factory Outlet Centers’s dividend payout ratio is presently 56.91%.
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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 510 different brand name companies.
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