BlackRock Inc. increased its position in Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 23.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,585,937 shares of the real estate investment trust’s stock after buying an additional 2,610,355 shares during the quarter. BlackRock Inc. owned 14.47% of Tanger Factory Outlet Centers worth $319,133,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of SKT. Millennium Management LLC purchased a new position in shares of Tanger Factory Outlet Centers in the first quarter worth $46,302,000. Principal Financial Group Inc. increased its position in Tanger Factory Outlet Centers by 9.1% during the 1st quarter. Principal Financial Group Inc. now owns 8,239,374 shares of the real estate investment trust’s stock valued at $181,266,000 after purchasing an additional 688,466 shares during the period. American Century Companies Inc. purchased a new position in Tanger Factory Outlet Centers during the 2nd quarter valued at $8,488,000. Landscape Capital Management L.L.C. purchased a new position in Tanger Factory Outlet Centers during the 1st quarter valued at $5,956,000. Finally, Schwab Charles Investment Management Inc. increased its position in Tanger Factory Outlet Centers by 24.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,354,340 shares of the real estate investment trust’s stock valued at $31,814,000 after purchasing an additional 268,103 shares during the period.
In other news, EVP Chad Perry sold 2,000 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $23.76, for a total transaction of $47,520.00. Following the sale, the executive vice president now owns 89,017 shares in the company, valued at approximately $2,115,043.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 4,500 shares of company stock worth $107,930. Company insiders own 2.10% of the company’s stock.
A number of brokerages have issued reports on SKT. Citigroup boosted their price objective on shares of Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the company a “neutral” rating in a research report on Thursday, August 16th. ValuEngine raised shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 1st. Finally, Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $21.83.
Tanger Factory Outlet Centers stock traded up $0.43 during mid-day trading on Monday, reaching $22.01. 1,165,500 shares of the company traded hands, compared to its average volume of 1,481,620. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 3.07. The company has a market cap of $2.15 billion, a P/E ratio of 8.94, a PEG ratio of 1.99 and a beta of 0.51. Tanger Factory Outlet Centers Inc. has a 52-week low of $19.86 and a 52-week high of $26.73.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, July 31st. The real estate investment trust reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.35). Tanger Factory Outlet Centers had a net margin of 12.60% and a return on equity of 10.34%. The business had revenue of $117.08 million for the quarter, compared to the consensus estimate of $116.92 million. Analysts predict that Tanger Factory Outlet Centers Inc. will post 2.43 EPS for the current fiscal year.
About Tanger Factory Outlet Centers
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 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 510 different brand name companies.
Featured Article: What does relative strength index mean?
Receive News & Ratings for Tanger Factory Outlet Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers and related companies with MarketBeat.com's FREE daily email newsletter.