KeyCorp Equities Analysts Reduce Earnings Estimates for Tanger Factory Outlet Centers Inc. (SKT)

Tanger Factory Outlet Centers Inc. (NYSE:SKT) – Research analysts at KeyCorp lowered their FY2017 earnings estimates for shares of Tanger Factory Outlet Centers in a report released on Tuesday, Zacks Investment Research reports. KeyCorp analyst J. Sadler now forecasts that the real estate investment trust will post earnings per share of $2.45 for the year, down from their prior estimate of $2.47. KeyCorp also issued estimates for Tanger Factory Outlet Centers’ FY2018 earnings at $2.61 EPS.

A number of other research analysts also recently commented on SKT. Jefferies Group LLC raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $42.00 in a research report on Wednesday, January 4th. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research note on Thursday, January 5th. Finally, Evercore ISI upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to an “outperform” rating in a research note on Friday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $40.11.

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

TRADEMARK VIOLATION WARNING: This piece was originally posted by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this piece on another domain, it was copied illegally and reposted in violation of United States & international copyright laws. The correct version of this piece can be read at https://sportsperspectives.com/2017/04/21/tanger-factory-outlet-centers-inc-skt-expected-to-post-fy2017-earnings-of-2-45-per-share-updated-updated.html.

Tanger Factory Outlet Centers (NYSE:SKT) traded down 1.68% during mid-day trading on Thursday, hitting $32.83. 793,937 shares of the stock traded hands. The firm has a market cap of $3.13 billion, a PE ratio of 16.33 and a beta of 0.41. Tanger Factory Outlet Centers has a 12-month low of $30.98 and a 12-month high of $42.20. The stock has a 50 day moving average price of $32.57 and a 200 day moving average price of $34.41.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Tuesday, February 14th. The real estate investment trust reported $0.61 EPS for the quarter, meeting the consensus estimate of $0.61. The business had revenue of $124.60 million for the quarter, compared to analyst estimates of $122.17 million. Tanger Factory Outlet Centers had a net margin of 60.55% and a return on equity of 42.50%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Friday, April 28th will be paid a $0.3425 dividend. The ex-dividend date is Wednesday, April 26th. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.33. This represents a $1.37 dividend on an annualized basis and a yield of 4.17%. Tanger Factory Outlet Centers’s payout ratio is 44.98%.

In other Tanger Factory Outlet Centers news, COO Thomas E. Mcdonough sold 10,409 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $32.69, for a total value of $340,270.21. Following the completion of the sale, the chief operating officer now directly owns 191,285 shares in the company, valued at $6,253,106.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Thomas E. Mcdonough sold 15,645 shares of the business’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $34.13, for a total transaction of $533,963.85. Following the completion of the sale, the chief operating officer now owns 217,339 shares of the company’s stock, valued at $7,417,780.07. The disclosure for this sale can be found here. Insiders sold 38,054 shares of company stock valued at $1,284,414 over the last quarter. Corporate insiders own 2.10% of the company’s stock.

Several hedge funds have recently modified their holdings of SKT. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Tanger Factory Outlet Centers by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 16,408 shares of the real estate investment trust’s stock worth $659,000 after buying an additional 54 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 27.8% in the third quarter. Independent Portfolio Consultants Inc. now owns 2,600 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 565 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Tanger Factory Outlet Centers by 2.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 32,650 shares of the real estate investment trust’s stock worth $1,272,000 after buying an additional 655 shares during the last quarter. Creative Planning boosted its stake in shares of Tanger Factory Outlet Centers by 60.2% in the third quarter. Creative Planning now owns 11,522 shares of the real estate investment trust’s stock worth $449,000 after buying an additional 4,328 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its stake in shares of Tanger Factory Outlet Centers by 2.1% in the third quarter. Capstone Asset Management Co. now owns 7,381 shares of the real estate investment trust’s stock worth $288,000 after buying an additional 150 shares during the last quarter. Institutional investors and hedge funds own 94.39% of the company’s stock.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

5 Day Chart for NYSE:SKT

Get a free copy of the Zacks research report on Tanger Factory Outlet Centers (SKT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Tanger Factory Outlet Centers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply