The Texas Permanent School Fund reduced its position in Tanger Factory Outlet Centers, Inc. (NYSE: SKT – Get Rating) by 2.1% in the first quarter, according to the company in its latest filing with the Securities & Exchange Commission. The fund held 73,721 shares of the real estate investment trust after selling 1,577 shares during the period. The Texas Permanent School Fund owned approximately 0.07% of Tanger Factory Outlet Centers worth $1,267,000 at the end of the most recent reporting period.
A number of other hedge funds have also increased or reduced their holdings in the stock. Russell Investments Group Ltd. purchased a new stake in Tanger Factory Outlet Centers during Q1 valued at $606,000. Stephens Inc. AR purchased a new stake in shares of Tanger Factory Outlet Centers during Q1 for $172,000. Victory Capital Management Inc. increased its position in Tanger Factory Outlet Centers shares by 21.1% during the 1st quarter. Victory Capital Management Inc. now owns 51,247 shares of the real estate investment trust worth $827,000 after acquiring an additional 8,936 shares during the period. Versor Investments LP bought a new stake in the shares of Tanger Factory Outlet Centers during Q1 at a value of $302,000. Finally, abrdn plc increased its position in shares of Tanger Factory Outlet Centers by 3.2% during the 1st quarter. abrdn plc now owns 22,696 shares of the real estate investment trust valued at $397,000 after acquiring an additional 713 shares during the period. 82.24% of the shares are currently held by hedge funds and other institutional investors.
A Wall Street analyst gives his opinion
A number of equity research analysts have recently released reports on the stock. Evercore ISI raised its price target on shares of Tanger Factory Outlet Centers to $17.00 in a research report released on Monday. Compass Point cut its price target on shares of Tanger Factory Outlet Centers from $23.00 to $21.00 and set a “buy” rating for the company in a Wednesday, June 22 research report.
Tangier Factory Outlet Centers down 1.2%
Shares of Tanger Factory Outlet Centers opened at $17.60 on Tuesday. The company has a market capitalization of $1.84 billion, a P/E ratio of 45.13, a P/E/G ratio of 1.25 and a beta of 1.79. The company has a debt ratio of 2.72, a quick ratio of 2.54 and a current ratio of 2.54. The company has a fifty-day moving average of $15.35 and a 200-day moving average of $16.44. Tanger Factory Outlet Centers, Inc. has a fifty-two week low of $13.77 and a fifty-two week high of $22.51.
Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last reported results on Monday, August 8. The real estate investment trust reported earnings per share of $0.19 for the quarter, missing the consensus estimate of $0.42 per ($0.23). Tanger Factory Outlet Centers had a return on equity of 8.55% and a net margin of 9.75%. The company posted revenue of $105.84 million in the quarter, versus a consensus estimate of $104.45 million. During the same period a year earlier, the company posted EPS of $0.43. The company’s quarterly revenue increased 4.5% year over year. On average, sell-side analysts expect Tanger Factory Outlet Centers, Inc. to post 1.75 earnings per share for the current fiscal year.
Tanger Factory Outlet Centers announces a dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 15. Shareholders of record on Friday, July 29 received a dividend of $0.20 per share. This represents an annualized dividend of $0.80 and a dividend yield of 4.55%. The ex-dividend date was Thursday, July 28. The dividend payout ratio (DPR) of Tanger Factory Outlet Centers is currently 205.13%.
Company Profile Tanger Factory Outlet Centers
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Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of upscale outdoor shopping malls that owns or has an interest in a portfolio of 38 centers. Tangier’s operating properties are located in 20 states and Canada, totaling approximately 14.1 million square feet, leased to more than 2,700 stores operated by more than 500 different brand companies.
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