Zacks: Analysts Expect Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Will Announce Quarterly Sales of $94.80 Million

Wall Street brokerages expect Tanger Factory Outlet Centers, Inc. (NYSE:SKT) to post $94.80 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Tanger Factory Outlet Centers’ earnings. The highest sales estimate is $95.73 million and the lowest is $93.87 million. Tanger Factory Outlet Centers posted sales of $62.27 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 52.2%. The firm is expected to report its next earnings results on Wednesday, August 4th.

On average, analysts expect that Tanger Factory Outlet Centers will report full year sales of $385.98 million for the current financial year, with estimates ranging from $381.12 million to $390.85 million. For the next financial year, analysts anticipate that the business will post sales of $385.16 million, with estimates ranging from $377.74 million to $392.59 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Wednesday, May 5th. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.32). Tanger Factory Outlet Centers had a return on equity of 10.59% and a net margin of 10.63%.

A number of research analysts have weighed in on the stock. The Goldman Sachs Group reiterated a “sell” rating and issued a $12.50 target price (up from $11.00) on shares of Tanger Factory Outlet Centers in a research note on Monday, March 15th. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $9.64.

SKT traded up $0.05 during midday trading on Tuesday, reaching $19.09. The company had a trading volume of 27,513 shares, compared to its average volume of 4,017,392. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 3.19. The company has a market capitalization of $1.92 billion, a PE ratio of 44.28, a PEG ratio of 10.53 and a beta of 2.03. Tanger Factory Outlet Centers has a 12-month low of $5.46 and a 12-month high of $22.40. The business’s 50-day moving average price is $17.22.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 14th. Stockholders of record on Friday, April 30th were given a $0.177 dividend. This represents a $0.71 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Thursday, April 29th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 44.94%.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Tanger Factory Outlet Centers by 6.5% during the 1st quarter. BlackRock Inc. now owns 17,511,460 shares of the real estate investment trust’s stock worth $264,947,000 after acquiring an additional 1,073,077 shares during the period. Ameriprise Financial Inc. increased its holdings in Tanger Factory Outlet Centers by 107.2% during the 1st quarter. Ameriprise Financial Inc. now owns 2,443,436 shares of the real estate investment trust’s stock worth $36,969,000 after acquiring an additional 1,264,046 shares during the period. LSV Asset Management increased its holdings in Tanger Factory Outlet Centers by 42.6% during the 1st quarter. LSV Asset Management now owns 1,856,457 shares of the real estate investment trust’s stock worth $28,088,000 after acquiring an additional 554,228 shares during the period. Geode Capital Management LLC increased its holdings in Tanger Factory Outlet Centers by 5.3% during the 1st quarter. Geode Capital Management LLC now owns 1,777,126 shares of the real estate investment trust’s stock worth $26,887,000 after acquiring an additional 89,816 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in Tanger Factory Outlet Centers by 244.9% during the 1st quarter. Nuveen Asset Management LLC now owns 1,721,765 shares of the real estate investment trust’s stock worth $26,051,000 after acquiring an additional 1,222,493 shares during the period. 77.32% of the stock is currently owned by institutional investors and hedge funds.

Tanger Factory Outlet Centers Company Profile

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.

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

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