Brokerages Expect Tanger Factory Outlet Centers (SKT) Will Post Quarterly Sales of $117.95 Million

Equities analysts expect Tanger Factory Outlet Centers (NYSE:SKT) to post sales of $117.95 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Tanger Factory Outlet Centers’ earnings, with estimates ranging from $116.77 million to $119.85 million. Tanger Factory Outlet Centers posted sales of $121.37 million in the same quarter last year, which suggests a negative year-over-year growth rate of 2.8%. The company is scheduled to report its next quarterly earnings report after the market closes on Tuesday, May 1st.

On average, 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 expect that the business will post 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 research firms that that provide coverage for Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings results on Tuesday, February 13th. The real estate investment trust reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. Tanger Factory Outlet Centers had a net margin of 13.80% and a return on equity of 10.45%. The business had revenue of $126.49 million for the quarter, compared to analysts’ expectations of $122.67 million.

Several research firms have recently commented on SKT. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Evercore ISI cut shares of Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a report on Thursday, February 15th. Finally, Boenning Scattergood restated a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Thursday, February 15th. Four analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Tanger Factory Outlet Centers presently has a consensus rating of “Hold” and a consensus price target of $24.88.

Shares of Tanger Factory Outlet Centers stock traded up $0.06 on Thursday, hitting $21.45. 2,421,144 shares of the company traded hands, compared to its average volume of 1,620,460. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 2.88. Tanger Factory Outlet Centers has a 12-month low of $21.14 and a 12-month high of $32.73. The stock has a market cap of $2,034.45, a P/E ratio of 8.72, a P/E/G ratio of 1.66 and a beta of 0.52.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Monday, April 30th will be issued a $0.35 dividend. The ex-dividend date is Friday, April 27th. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a yield of 6.53%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 55.69%.

In related news, VP Virginia R. Summerell sold 5,800 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $22.90, for a total value of $132,820.00. Following the completion of the sale, the vice president now directly owns 32,025 shares in the company, valued at $733,372.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Thomas E. Mcdonough sold 11,276 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $22.55, for a total transaction of $254,273.80. Following the completion of the sale, the chief operating officer now owns 159,088 shares of the company’s stock, valued at $3,587,434.40. The disclosure for this sale can be found here. Insiders sold 17,515 shares of company stock valued at $396,945 over the last quarter. 2.10% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Virtus Fund Advisers LLC boosted its holdings in Tanger Factory Outlet Centers by 5.9% in the fourth quarter. Virtus Fund Advisers LLC now owns 2,917,416 shares of the real estate investment trust’s stock worth $77,341,000 after purchasing an additional 163,134 shares in the last quarter. AEW Capital Management L P lifted its position in Tanger Factory Outlet Centers by 52.0% during the 4th quarter. AEW Capital Management L P now owns 1,589,020 shares of the real estate investment trust’s stock worth $42,125,000 after acquiring an additional 543,700 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Tanger Factory Outlet Centers by 3.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,419,021 shares of the real estate investment trust’s stock worth $34,654,000 after acquiring an additional 42,345 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Tanger Factory Outlet Centers by 7.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,040,024 shares of the real estate investment trust’s stock worth $27,572,000 after acquiring an additional 71,863 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Tanger Factory Outlet Centers by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 955,927 shares of the real estate investment trust’s stock worth $25,341,000 after acquiring an additional 26,625 shares during the last quarter.

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

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