Tanger Factory Outlet Centers (NYSE:SKT) Releases FY 2022 Earnings Guidance

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) updated its FY 2022 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.71-$1.79 for the period. The company issued revenue guidance of -.

Several equities research analysts recently issued reports on the company. StockNews.com assumed coverage on Tanger Factory Outlet Centers in a report on Thursday, March 31st. They issued a hold rating on the stock. Zacks Investment Research cut Tanger Factory Outlet Centers from a buy rating to a hold rating in a report on Wednesday, May 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $16.50.

NYSE:SKT traded up $0.45 during trading hours on Monday, hitting $17.59. The company had a trading volume of 71,130 shares, compared to its average volume of 1,026,426. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 2.80. The business’s 50-day moving average price is $17.05. The firm has a market capitalization of $1.84 billion, a P/E ratio of 77.91, a P/E/G ratio of 1.18 and a beta of 1.77. Tanger Factory Outlet Centers has a 1 year low of $15.45 and a 1 year high of $22.51.

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) last issued its earnings results on Thursday, May 5th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.21). The company had revenue of $108.87 million during the quarter, compared to analysts’ expectations of $101.62 million. Tanger Factory Outlet Centers had a net margin of 5.84% and a return on equity of 5.07%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 earnings per share. On average, equities analysts expect that Tanger Factory Outlet Centers will post 1.73 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 13th. Shareholders of record on Friday, April 29th will be issued a $0.20 dividend. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend is Thursday, April 28th. Tanger Factory Outlet Centers’s dividend payout ratio is presently 363.65%.

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of the stock in a transaction on Friday, March 11th. The stock was sold at an average price of $17.25, for a total transaction of $34,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 45,894 shares in the company, valued at approximately $791,671.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.80% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new position in shares of Tanger Factory Outlet Centers during the 4th quarter worth $63,000. Royal Bank of Canada boosted its holdings in Tanger Factory Outlet Centers by 69.4% during the 3rd quarter. Royal Bank of Canada now owns 23,820 shares of the real estate investment trust’s stock valued at $388,000 after acquiring an additional 9,762 shares during the period. Millennium Management LLC purchased a new position in Tanger Factory Outlet Centers during the 3rd quarter valued at about $461,000. Allstate Corp purchased a new position in Tanger Factory Outlet Centers during the 4th quarter valued at about $728,000. Finally, State of Tennessee Treasury Department boosted its holdings in Tanger Factory Outlet Centers by 1.1% during the 4th quarter. State of Tennessee Treasury Department now owns 58,755 shares of the real estate investment trust’s stock valued at $1,133,000 after acquiring an additional 659 shares during the period. Institutional investors and hedge funds own 82.24% of the company’s stock.

About Tanger Factory Outlet Centers (Get Rating)

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.

See Also

Earnings History and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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