Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) updated its earnings guidance for fiscal 2022 on Monday. The company provided EPS guidance of $1.71 to $1.79 for the period. The company released a revenue forecast of -.
Shares of SKT rose $0.45 during Monday trading hours, hitting $17.59. The company’s stock had a trading volume of 71,130 shares, compared to its average volume of 1,026,426. The company has a 50-day moving average price of $17.05. Tanger Factory Outlet Centers has a 52-week low of $15.45 and a 52-week high of $22.51. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt ratio of 2.80. The company has a market capitalization of $1.84 billion, a P/E ratio of 77.91, a price-to-earnings growth ratio of 1.18 and a beta of 1.77.
Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last released quarterly earnings data on Thursday, May 5. The real estate investment trust reported earnings per share of $0.19 for the quarter, missing consensus analyst estimates of $0.40 per ($0.21). Tanger Factory Outlet Centers achieved a net margin of 5.84% and a return on equity of 5.07%. The company posted revenue of $108.87 million in the quarter, compared to $101.62 million expected by analysts. In the same quarter a year earlier, the company posted earnings per share of $0.40. The company’s quarterly revenue increased 8.1% year over year. As a group, sell-side analysts expect Tanger Factory Outlet Centers to post 1.73 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 13. Shareholders of record on Friday, April 29 will receive a dividend of $0.20 per share. This is a boost from Tanger Factory Outlet Centers previous quarterly dividend of $0.18. The ex-date of this dividend is Thursday, April 28. This represents a dividend of $0.80 on an annualized basis and a yield of 4.55%. Tanger Factory Outlet Centers payout ratio is currently 363.65%.
A number of equity research analysts have published reports on the stock. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a buy rating to a hold rating in a Wednesday, May 4, report. StockNews.com began covering shares of Tanger Factory Outlet Centers in a Thursday, March 31 report. They have set a holding rating on the stock. One analyst rated the stock with a sell rating, two assigned a hold rating and one assigned the company a buy rating. According to data from MarketBeat, Tanger Factory Outlet Centers has an average Hold rating and an average target price of $16.50.
In other news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of the company in a trade on Friday, March 11. The shares were sold at an average price of $17.25, for a total value of $34,500.00. As a result of the transaction, the accounting chief now owns 45,894 shares of the company, valued at $791,671.50. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Company insiders own 5.80% of the company’s shares.
Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new stake in Tanger Factory Outlet Centers during the fourth quarter worth approximately $63,000. Royal Bank of Canada strengthened its position in Tanger Factory Outlet Centers by 69.4% during the third quarter. Royal Bank of Canada now owns 23,820 shares of the real estate investment trust valued at $388,000 after purchasing an additional 9,762 shares during the period. Millennium Management LLC acquired a new stake in Tanger Factory Outlet Centers during the third quarter valued at approximately $461,000. Allstate Corp purchased a new stake in Tanger Factory Outlet Centers during the fourth quarter worth approximately $728,000. Finally, the Tennessee State Treasury Department increased its position in Tanger Factory Outlet Centers by 1.1% during the fourth quarter. The Tennessee State Treasury Department now owns 58,755 shares of the real estate investment trust worth $1,133,000 after purchasing an additional 659 shares during the period. 82.24% of the shares are currently held by institutional investors and hedge funds.
Company Profile Tanger Factory Outlet Centers (Get an assessment)
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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