KeyCorp Comments on Tanger Factory Outlet Centers Inc.’s Q1 2019 Earnings (SKT)

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Tanger Factory Outlet Centers Inc. (NYSE:SKT) – Investment analysts at KeyCorp issued their Q1 2019 earnings per share (EPS) estimates for Tanger Factory Outlet Centers in a report issued on Tuesday, February 19th. KeyCorp analyst T. Thomas forecasts that the real estate investment trust will post earnings per share of $0.60 for the quarter. KeyCorp also issued estimates for Tanger Factory Outlet Centers’ Q2 2019 earnings at $0.59 EPS, Q3 2019 earnings at $0.59 EPS, Q4 2019 earnings at $0.61 EPS, FY2019 earnings at $2.39 EPS, Q1 2020 earnings at $0.58 EPS, Q2 2020 earnings at $0.58 EPS, Q3 2020 earnings at $0.58 EPS, Q4 2020 earnings at $0.62 EPS and FY2020 earnings at $2.36 EPS.

A number of other research firms have also issued reports on SKT. Zacks Investment Research raised Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Thursday, November 22nd. ValuEngine raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Thursday, December 6th. Finally, JPMorgan Chase & Co. downgraded Tanger Factory Outlet Centers from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $24.00 to $22.00 in a report on Wednesday, December 19th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock currently has an average rating of “Sell” and an average price target of $22.13.

Shares of SKT stock opened at $21.54 on Thursday. Tanger Factory Outlet Centers has a fifty-two week low of $19.76 and a fifty-two week high of $24.91. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 8.69, a PEG ratio of 1.92 and a beta of 0.81. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.06 and a current ratio of 0.11.

A number of hedge funds and other institutional investors have recently made changes to their positions in SKT. Vanguard Group Inc. increased its stake in Tanger Factory Outlet Centers by 0.5% in the third quarter. Vanguard Group Inc. now owns 14,048,190 shares of the real estate investment trust’s stock valued at $321,422,000 after acquiring an additional 64,251 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Tanger Factory Outlet Centers by 0.5% in the 3rd quarter. Vanguard Group Inc now owns 14,048,190 shares of the real estate investment trust’s stock worth $321,422,000 after acquiring an additional 64,251 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Tanger Factory Outlet Centers by 1.0% in the third quarter. BlackRock Inc. now owns 13,724,745 shares of the real estate investment trust’s stock worth $314,024,000 after buying an additional 138,808 shares during the last quarter. Bank of New York Mellon Corp increased its position in Tanger Factory Outlet Centers by 7.1% in the second quarter. Bank of New York Mellon Corp now owns 1,761,548 shares of the real estate investment trust’s stock worth $41,378,000 after purchasing an additional 116,626 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Tanger Factory Outlet Centers by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,524,609 shares of the real estate investment trust’s stock valued at $34,882,000 after purchasing an additional 5,429 shares during the period. 98.32% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP Carrie A. Warren sold 1,596 shares of Tanger Factory Outlet Centers stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $23.34, for a total value of $37,250.64. Following the transaction, the senior vice president now directly owns 51,905 shares in the company, valued at approximately $1,211,462.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Charles Allen Worsham sold 3,550 shares of the firm’s stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $23.63, for a total value of $83,886.50. Following the transaction, the senior vice president now owns 32,493 shares in the company, valued at $767,809.59. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,646 shares of company stock valued at $179,287. 2.10% of the stock is owned by insiders.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.355 per share. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.35. This represents a $1.42 dividend on an annualized basis and a dividend yield of 6.59%. The ex-dividend date is Monday, April 29th. Tanger Factory Outlet Centers’s payout ratio is currently 56.45%.

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 530 different brand name companies.

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

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