Tanger Factory Outlet Centers (SKT) Announces Quarterly Earnings Results

Tanger Factory Outlet Centers (NYSE:SKT) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05, Yahoo Finance reports. Tanger Factory Outlet Centers had a net margin of 12.34% and a return on equity of 8.98%. The business had revenue of $126.49 million during the quarter, compared to analysts’ expectations of $122.67 million. Tanger Factory Outlet Centers updated its FY18 guidance to $2.43-2.49 EPS.

Shares of Tanger Factory Outlet Centers (SKT) traded down $1.60 during midday trading on Wednesday, hitting $21.87. 6,845,135 shares of the stock were exchanged, compared to its average volume of 1,727,377. The firm has a market cap of $2,030.00, a P/E ratio of 35.28, a P/E/G ratio of 2.98 and a beta of 0.44. Tanger Factory Outlet Centers has a 1 year low of $21.14 and a 1 year high of $34.76. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 2.91.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be issued a dividend of $0.343 per share. This represents a $1.37 dividend on an annualized basis and a yield of 6.27%. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Tuesday, January 30th. Tanger Factory Outlet Centers’s payout ratio is presently 220.97%.

Several analysts have weighed in on the stock. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Jefferies Group reiterated a “hold” rating and issued a $24.00 price objective on shares of Tanger Factory Outlet Centers in a research note on Friday, December 22nd. Citigroup dropped their price objective on shares of Tanger Factory Outlet Centers from $27.00 to $25.00 and set a “sell” rating for the company in a research note on Friday, November 10th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Thursday, November 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Tanger Factory Outlet Centers has an average rating of “Hold” and a consensus target price of $26.60.

In other news, CMO Carrie A. Geldner sold 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $24.50, for a total value of $55,125.00. Following the transaction, the chief marketing officer now owns 51,261 shares in the company, valued at approximately $1,255,894.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is currently owned by insiders.

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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.

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

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