Tanger Factory Outlet Centers (NYSE:SKT) Sees Strong Trading Volume

Shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) saw strong trading volume on Monday . 4,656,036 shares were traded during mid-day trading, an increase of 141% from the previous session’s volume of 1,933,373 shares.The stock last traded at $15.67 and had previously closed at $15.22.

A number of analysts have weighed in on SKT shares. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Wednesday, September 18th. ValuEngine upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $19.60.

The business’s fifty day moving average is $16.15 and its 200-day moving average is $15.99. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.06 and a current ratio of 0.06. The firm has a market cap of $1.41 billion, a P/E ratio of 6.36 and a beta of 0.65.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.31). The business had revenue of $118.99 million during the quarter, compared to analyst estimates of $117.49 million. Tanger Factory Outlet Centers had a net margin of 24.51% and a return on equity of 23.49%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.63 earnings per share. Analysts predict that Tanger Factory Outlet Centers Inc. will post 2.23 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.355 dividend. The ex-dividend date was Wednesday, October 30th. This represents a $1.42 dividend on an annualized basis and a dividend yield of 9.00%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 57.26%.

In other news, insider Stewart Martin 800,000 shares of Tanger Factory Outlet Centers stock in a transaction dated Wednesday, October 30th. Corporate insiders own 2.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of SKT. State Street Corp boosted its stake in shares of Tanger Factory Outlet Centers by 41.4% during the 3rd quarter. State Street Corp now owns 27,492,799 shares of the real estate investment trust’s stock worth $425,589,000 after acquiring an additional 8,048,970 shares in the last quarter. Marathon Asset Management LLP increased its holdings in shares of Tanger Factory Outlet Centers by 6.4% in the 3rd quarter. Marathon Asset Management LLP now owns 2,486,925 shares of the real estate investment trust’s stock valued at $38,494,000 after purchasing an additional 148,748 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Tanger Factory Outlet Centers by 0.7% in the second quarter. Northern Trust Corp now owns 1,817,571 shares of the real estate investment trust’s stock valued at $29,464,000 after purchasing an additional 12,406 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Tanger Factory Outlet Centers by 9.0% in the second quarter. Bank of New York Mellon Corp now owns 1,786,522 shares of the real estate investment trust’s stock valued at $28,960,000 after purchasing an additional 146,869 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Tanger Factory Outlet Centers by 822.7% during the 2nd quarter. Schroder Investment Management Group now owns 1,639,540 shares of the real estate investment trust’s stock worth $26,577,000 after purchasing an additional 1,461,848 shares during the last quarter. Institutional investors and hedge funds own 98.09% of the company’s stock.

About Tanger Factory Outlet Centers (NYSE:SKT)

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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

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