In yesterday’s Wall Street session, Tanger Factory Outlet Centers Inc. (NYSE:SKT) shares traded at $19.38, up 1.79% from the previous session.
8 analysts cover Tanger Factory Outlet Centers Inc. (NYSE:SKT), according to research data. The consensus rating among analysts is ‘Underweight’. SKT stock price is now 2.66% away from the 50-day moving average and 8.89% away from the 200-day moving average. The market capitalization of the company currently stands at $2.04B.
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The stock has received a hold rating from 3 analysts and a buy rating from 1.
On January 30, 2023, Compass Point Downgraded its previous ‘Buy’ rating to ‘Neutral’ on the stock keeping its target price maintained at $21, while ‘Evercore ISI’ rates the stock as ‘In-line’.
In other news, TANGER STEVEN B, Executive Chair of the Board sold 75,000 shares of the company’s stock on Feb 02. The stock was sold for $1,500,000 at an average price of $20.00. Upon completion of the transaction, the Executive Chair of the Board now directly owns 1,274,686 shares in the company, valued at $24.7 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 14, Executive Chair of the Board TANGER STEVEN B sold 50,000 shares of the business’s stock. A total of $975,000 was realized by selling the stock at an average price of $19.50. This leaves the insider owning 1,349,686 shares of the company worth $26.16 million. Insiders disposed of 496,447 shares of company stock worth roughly $9.62 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 WATERFRONT CAPITAL PARTNERS, LLC during the first quarter worth $24,646,000. ALLSTATE CORP invested $1,891,000 in shares of SKT during the first quarter. In the first quarter, MASSACHUSETTS FINANCIAL SERVICES CO /MA/ acquired a new stake in Tanger Factory Outlet Centers Inc. valued at approximately $1,235,000. HOLOCENE ADVISORS, LP acquired a new stake in SKT for approximately $1,150,000. ERGOTELES LLC purchased a new stake in SKT valued at around $1,022,000 in the second quarter. In total, there are 372 active investors with 77.40% ownership of the company’s stock.
On Monday morning Tanger Factory Outlet Centers Inc. (NYSE: SKT) stock kicked off with the opening price of $19.17. During the past 12 months, Tanger Factory Outlet Centers Inc. has had a low of $13.26 and a high of $20.27. According to the stock market information, the enterprise value for the company is $3.32B, which is based on a 24.32 price-to-earnings ratio, a 3.63 price-to-earnings-growth ratio, and a beta of 1.76. The fifty day moving average price for SKT is $18.89 and a two-hundred day moving average price translates $17.81 for the stock.
The latest earnings results from Tanger Factory Outlet Centers Inc. (NYSE: SKT) was released for Mar, 2023. According to the REIT – Retail Company, earnings per share came in at $0.22, beating analysts’ expectations of $0.11 by 0.11. This compares to $0.19 EPS in the same period last year. The net profit margin was 19.00% and return on equity was 17.20% for SKT. The company reported revenue of $108.94 million for the quarter, compared to $108.87 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 0.07 percent. For the current quarter, analysts expect SKT to generate $105.03M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 05/15/2023. Investors who held shares on 04/28/2023 were paid a $0.245 dividend. On an annualized basis, this represents a $0.98 dividend and a 5.06% percent yield. There was an ex-dividend date of 04/27/2023 for this dividend. In terms of dividend payout ratio, SKT is presently at 109.10%.
Tanger Factory Outlet Centers Inc.(SKT) Company Profile
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns (or has an ownership interest in) and/or manages a portfolio of 36 centers with an additional center currently under development. Tanger’s operating properties are located in 20 states and in Canada, totaling approximately 13.9 million square feet, leased to over 2,700 stores operated by more than 600 different brand name companies. The Company has more than 42 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 December 31, 2022.
