In yesterday’s Wall Street session, Tanger Factory Outlet Centers Inc. (NYSE:SKT) shares traded at $18.47, down -0.59% from the previous session.
As of this writing, 8 analysts cover Tanger Factory Outlet Centers Inc. (NYSE:SKT). The consensus rating among analysts is ‘Underweight’. As we calculate the median target price by taking the range between a high of $21.00 and a low of $14.00, we find $18.50. Given the previous closing price of $18.58, this indicates a potential downside of -0.43 percent. SKT stock price is now -1.20% away from the 50-day moving average and 10.24% away from the 200-day moving average. The market capitalization of the company currently stands at $1.94B.
There are 3 analysts who have given it a hold rating, whereas 1 have given it a buy rating. Brokers who have rated the stock have averaged $18.17 as their price target over the next twelve months.
With the price target enhanced from $17 to $22, Evercore ISI Upgraded its rating from Underperform to In-line for Tanger Factory Outlet Centers Inc. (NYSE: SKT). On November 03, 2021, Compass Point Upgraded its previous ‘Neutral’ rating to ‘Buy’ on the stock keeping its target price maintained at $23, while ‘Goldman’ rates the stock as ‘Sell’.
In other news, TANGER STEVEN B, Executive Chair of the Board sold 50,000 shares of the company’s stock on Nov 14. The stock was sold for $975,000 at an average price of $19.50. Upon completion of the transaction, the Executive Chair of the Board now directly owns 1,349,686 shares in the company, valued at $24.93 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 03, Executive Chair of the Board TANGER STEVEN B sold 50,000 shares of the business’s stock. A total of $950,000 was realized by selling the stock at an average price of $19.00. This leaves the insider owning 1,399,686 shares of the company worth $25.85 million. Insiders disposed of 296,458 shares of company stock worth roughly $5.48 million over the past 1 year. A total of 1.70% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in SKT stock. A new stake in Tanger Factory Outlet Centers Inc. shares was purchased by VOLORIDGE INVESTMENT MANAGEMENT, LLC during the first quarter worth $2,018,000. AMALGAMATED FINANCIAL CORP. invested $880,000 in shares of SKT during the first quarter. In the first quarter, AXA S.A. acquired a new stake in Tanger Factory Outlet Centers Inc. valued at approximately $574,000. MAI CAPITAL MANAGEMENT acquired a new stake in SKT for approximately $550,000. ATRIA WEALTH SOLUTIONS, INC. purchased a new stake in SKT valued at around $544,000 in the second quarter. In total, there are 358 active investors with 77.40% ownership of the company’s stock.
Friday morning saw Tanger Factory Outlet Centers Inc. (NYSE: SKT) opened at $18.44. During the past 12 months, Tanger Factory Outlet Centers Inc. has had a low of $13.26 and a high of $19.99. The fifty day moving average price for SKT is $18.69 and a two-hundred day moving average price translates $16.76 for the stock.
The latest earnings results from Tanger Factory Outlet Centers Inc. (NYSE: SKT) was released for Jun, 2022. According to the REIT – Retail Company, earnings per share came in at $0.19, beating analysts’ expectations of $0.15 by 0.04. This compares to -$0.11 EPS in the same period last year. The net profit margin was 17.40% and return on equity was 15.60% for SKT. The company reported revenue of $111.45 million for the quarter, compared to $112.47 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -0.91 percent. For the current quarter, analysts expect SKT to generate $107.56M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 11/15/2022. Investors who held shares on 10/31/2022 were paid a $0.22 dividend. On an annualized basis, this represents a $0.88 dividend and a 4.76% percent yield. There was an ex-dividend date of 10/28/2022 for this dividend. In terms of dividend payout ratio, SKT is presently at 109.20%.
Tanger Factory Outlet Centers Inc.(SKT) Company Profile
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger’s operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies. The Company has more than 39 years of experience in the outlet industry and is a publicly-traded REIT. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission (“SEC”) that includes a supplemental information package for the quarter ended September 30, 2020.