Equities research analysts forecast that Tanger Factory Outlet Centers (NYSE:SKT) will announce $117.95 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Tanger Factory Outlet Centers’ earnings. The lowest sales estimate is $116.77 million and the highest is $119.85 million. Tanger Factory Outlet Centers reported sales of $121.37 million in the same quarter last year, which would suggest a negative year over year growth rate of 2.8%. The business is expected to report 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 financial year, with estimates ranging from $469.85 million to $482.73 million. For the next financial year, analysts forecast that the company will report 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 a mean average based on a survey of analysts that that provide coverage for Tanger Factory Outlet Centers.
Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Tuesday, February 13th. The real estate investment trust reported $0.33 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 13.80% and a return on equity of 10.45%.
NYSE:SKT traded down $0.57 during trading hours on Thursday, reaching $21.52. The company’s stock had a trading volume of 1,119,124 shares, compared to its average volume of 1,377,387. The stock has a market cap of $2,034.46, a PE ratio of 8.75, a PEG ratio of 1.66 and a beta of 0.52. Tanger Factory Outlet Centers has a 1 year low of $21.14 and a 1 year high of $33.37. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 2.88.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Monday, April 30th will be given a $0.35 dividend. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, April 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.51%. Tanger Factory Outlet Centers’s payout ratio is presently 55.69%.
In other news, VP Virginia R. Summerell sold 5,800 shares of Tanger Factory Outlet Centers stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $22.90, for a total transaction of $132,820.00. Following the sale, the vice president now owns 32,025 shares of the company’s stock, valued at approximately $733,372.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Thomas E. Mcdonough sold 11,276 shares of Tanger Factory Outlet Centers stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $22.55, for a total transaction of $254,273.80. Following the sale, the chief operating officer now directly owns 159,088 shares in the company, valued at approximately $3,587,434.40. The disclosure for this sale can be found here. Insiders sold 17,515 shares of company stock worth $396,945 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Albion Financial Group UT bought a new stake in shares of Tanger Factory Outlet Centers during the 4th quarter valued at about $457,000. Xact Kapitalforvaltning AB bought a new stake in shares of Tanger Factory Outlet Centers during the 4th quarter valued at about $263,000. Envestnet Asset Management Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 69.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 6,963 shares of the real estate investment trust’s stock valued at $185,000 after purchasing an additional 2,863 shares in the last quarter. Brookfield Asset Management Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 5.3% during the 4th quarter. Brookfield Asset Management Inc. now owns 443,800 shares of the real estate investment trust’s stock valued at $11,765,000 after purchasing an additional 22,200 shares in the last quarter. Finally, MetLife Investment Advisors LLC bought a new stake in shares of Tanger Factory Outlet Centers during the 4th quarter valued at about $1,586,000.
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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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