$101.32 Million in Sales Expected for Tanger Factory Outlet Centers, Inc. (NYSE:SKT) This Quarter

Wall Street analysts forecast that Tanger Factory Outlet Centers, Inc. (NYSE:SKTGet Rating) will post $101.32 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Tanger Factory Outlet Centers’ earnings, with estimates ranging from $100.92 million to $101.71 million. Tanger Factory Outlet Centers reported sales of $96.82 million during the same quarter last year, which would suggest a positive year over year growth rate of 4.6%. The firm is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Tanger Factory Outlet Centers will report full year sales of $418.07 million for the current year, with estimates ranging from $414.33 million to $421.81 million. For the next fiscal year, analysts forecast that the business will report sales of $425.98 million, with estimates ranging from $420.36 million to $431.59 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) last released its earnings results on Thursday, May 5th. The real estate investment trust reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.21). Tanger Factory Outlet Centers had a net margin of 5.84% and a return on equity of 5.07%. The business had revenue of $108.87 million during the quarter, compared to the consensus estimate of $101.62 million. During the same period last year, the business posted $0.40 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis.

A number of research analysts have recently commented on SKT shares. StockNews.com started coverage on shares of Tanger Factory Outlet Centers in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.50.

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $17.25, for a total transaction of $34,500.00. Following the sale, the chief accounting officer now directly owns 45,894 shares of the company’s stock, valued at approximately $791,671.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Moors & Cabot Inc. acquired a new position in shares of Tanger Factory Outlet Centers during the third quarter worth $4,238,000. Norges Bank acquired a new position in shares of Tanger Factory Outlet Centers during the fourth quarter worth $19,210,000. Millennium Management LLC lifted its holdings in shares of Tanger Factory Outlet Centers by 2,800.3% during the fourth quarter. Millennium Management LLC now owns 820,520 shares of the real estate investment trust’s stock worth $15,820,000 after purchasing an additional 792,229 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Tanger Factory Outlet Centers during the first quarter worth $8,795,000. Finally, BlackRock Inc. raised its stake in Tanger Factory Outlet Centers by 2.2% during the fourth quarter. BlackRock Inc. now owns 18,684,681 shares of the real estate investment trust’s stock worth $360,240,000 after buying an additional 396,562 shares during the last quarter. 82.24% of the stock is currently owned by institutional investors.

Shares of SKT opened at $17.41 on Friday. The firm has a 50-day moving average of $17.11 and a 200-day moving average of $18.20. Tanger Factory Outlet Centers has a one year low of $15.45 and a one year high of $22.51. The company has a market cap of $1.82 billion, a PE ratio of 79.19, a price-to-earnings-growth ratio of 1.18 and a beta of 1.77. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.73 and a quick ratio of 1.73.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 13th. Stockholders of record on Friday, April 29th will be given a $0.20 dividend. The ex-dividend date is Thursday, April 28th. 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 dividend yield of 4.60%. Tanger Factory Outlet Centers’s payout ratio is presently 363.65%.

Tanger Factory Outlet Centers Company Profile (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.

Featured Articles

Get a free copy of the Zacks research report on Tanger Factory Outlet Centers (SKT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

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.