Alaska State Department of Revenue Reduces Stake in Tanger Factory Outlet Centers, Inc. (NYSE: SKT)

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The Alaska State Department of Revenue reduced its position in Tanger Factory Outlet Centers, Inc. (NYSE: SKT – Get Rating) by 0.8% during the first quarter, HoldingsChannel.com reports. The institutional investor held 124,619 shares of the REIT after selling 1,065 shares during the period. The Alaska State Department of Revenue’s holdings in Tanger Factory Outlet Centers were worth $2,141,000 when it was last filed with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently increased or reduced their stakes in the company. Redmond Asset Management LLC increased its stake in Tanger Factory Outlet Centers by 0.7% in the 4th quarter. Redmond Asset Management LLC now owns 112,661 shares of the real estate investment trust worth $2,172,000 after purchasing an additional 735 shares during the period. The California State Teachers Retirement System increased its holdings in Tanger Factory Outlet Centers by 0.8% in the third quarter. California State Teachers Retirement System now owns 137,796 shares of the real estate investment trust worth $2,246,000 after purchasing an additional 1,051 shares during the period. Diversified Trust Co increased its holdings in Tanger Factory Outlet Centers by 7.8% in the 4th quarter. Diversified Trust Co now owns 18,748 shares of the real estate investment trust worth $361,000 after purchasing an additional 1,353 shares during the period. Maryland State Retirement & Pension System increased its holdings in Tanger Factory Outlet Centers by 3.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 41,455 shares of the real estate investment trust worth $799,000 after purchasing 1,555 additional shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in Tanger Factory Outlet Centers by 2.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 84,029 shares of the real estate investment trust worth $1,370,000 after purchasing an additional 1,622 shares during the period. Hedge funds and other institutional investors own 82.24% of the company’s shares.

A number of stock analysts have recently commented on SKT shares. StockNews.com began covering Tanger Factory Outlet Centers in a report on Thursday, March 31. They issued a “holding” rating on the stock. Compass Point cut its price target on Tanger Factory Outlet Centers from $23.00 to $21.00 and set a “buy” rating on the stock in a Wednesday, June 22 report.

Separately, director Thomas Reddin sold 10,000 shares of Tanger Factory Outlet Centers in a trade dated Monday, May 16. The stock was sold at an average price of $18.00, for a total value of $180,000.00. Following the sale, the director now directly owns 45,654 shares of the company, valued at $821,772. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Insiders hold 5.80% of the shares of the company.

NYSE: SKT opened at $14.46 on Friday. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt ratio of 2.74. The company’s 50-day simple moving average is $16.30 and its two-hundred-day simple moving average is $17.17. The stock has a market capitalization of $1.51 billion, a PE ratio of 65.73, a P/E/G ratio of 1.04 and a beta of 1.76. Tanger Factory Outlet Centers, Inc. has a 52-week low of $13.77 and a 52-week high of $22.51.

Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last reported results on Thursday, May 5. The real estate investment trust reported earnings per share (EPS) of $0.19 for the quarter, missing the consensus estimate of $0.40 per ($0.21). Tanger Factory Outlet Centers had a return on equity of 5.04% and a net margin of 5.84%. The company posted revenue of $108.87 million in the quarter, versus a consensus estimate of $101.62 million. During the same period last year, the company posted earnings per share of $0.40. The company’s revenue for the quarter increased by 8.1% compared to the same quarter last year. Sell-side analysts expect Tanger Factory Outlet Centers, Inc. to post 1.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 13. Shareholders of record on Friday, April 29 received a dividend of $0.20. This represents an annualized dividend of $0.80 and a dividend yield of 5.53%. This is a boost from Tanger Factory Outlet Centers previous quarterly dividend of $0.18. The ex-dividend date was Thursday, April 28. The distribution ratio of Tanger Factory Outlet Centers is 363.65%.

About Tangier Outlet Centers (Get an evaluation)

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of upscale outdoor shopping malls that owns or has an interest in a portfolio of 38 centers. Tangier’s operating properties are located in 20 states and Canada, totaling approximately 14.1 million square feet, leased to more than 2,700 stores operated by more than 500 different brand companies.

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Want to see what other hedge funds hold SKT? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Tanger Factory Outlet Centers, Inc. (NYSE: SKT – Get Rating).

Institutional ownership by quarter for Tanger Factory Outlet Centers (NYSE: SKT)



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