Tanger Factory Outlet Centers (SKT) Hits New 1-Year Low at $17.72

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Tanger Factory Outlet Centers Inc. (NYSE:SKT) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $17.72 and last traded at $17.74, with a volume of 124559 shares. The stock had previously closed at $18.47.

Several research analysts recently issued reports on SKT shares. Citigroup set a $21.00 target price on shares of Tanger Factory Outlet Centers and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. Finally, Boenning Scattergood started coverage on shares of Tanger Factory Outlet Centers in a research report on Monday, March 25th. They issued an “outperform” rating and a $27.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the stock. Tanger Factory Outlet Centers has a consensus rating of “Sell” and a consensus price target of $22.00.

The stock has a market cap of $1.74 billion, a PE ratio of 7.15, a PEG ratio of -3.31 and a beta of 0.71. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 3.33.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.09. Tanger Factory Outlet Centers had a net margin of 16.76% and a return on equity of 15.71%. The business had revenue of $123.16 million for the quarter, compared to analyst estimates of $122.16 million. During the same quarter last year, the business earned $0.60 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. Research analysts expect that Tanger Factory Outlet Centers Inc. will post 2.23 earnings per share for the current fiscal year.

In other news, EVP Chad Perry sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $18.64, for a total value of $55,920.00. Following the transaction, the executive vice president now directly owns 92,096 shares of the company’s stock, valued at $1,716,669.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Virginia R. Summerell sold 20,604 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $18.18, for a total transaction of $374,580.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,604 shares of company stock worth $449,211. Company insiders own 2.30% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of Tanger Factory Outlet Centers by 2.7% in the first quarter. Principal Financial Group Inc. now owns 6,640,571 shares of the real estate investment trust’s stock worth $139,319,000 after buying an additional 177,711 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Tanger Factory Outlet Centers by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,536,463 shares of the real estate investment trust’s stock worth $32,235,000 after purchasing an additional 88,577 shares during the period. Millennium Management LLC raised its stake in Tanger Factory Outlet Centers by 29.9% during the fourth quarter. Millennium Management LLC now owns 1,416,846 shares of the real estate investment trust’s stock worth $28,649,000 after purchasing an additional 326,028 shares during the period. Geode Capital Management LLC raised its stake in Tanger Factory Outlet Centers by 7.7% during the first quarter. Geode Capital Management LLC now owns 1,383,241 shares of the real estate investment trust’s stock worth $29,020,000 after purchasing an additional 98,919 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Tanger Factory Outlet Centers by 102.3% during the first quarter. Renaissance Technologies LLC now owns 1,020,016 shares of the real estate investment trust’s stock worth $21,400,000 after purchasing an additional 515,900 shares during the period. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

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About Tanger Factory Outlet Centers (NYSE:SKT)

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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

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