Tanger Factory Outlet Centers (NYSE:SKT) Hits New 1-Year Low at $14.92

Tanger Factory Outlet Centers Inc. (NYSE:SKT)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $14.92 and last traded at $14.94, with a volume of 14555 shares trading hands. The stock had previously closed at $15.34.

Several research firms have weighed in on SKT. Zacks Investment Research lowered shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Wednesday. Goldman Sachs Group lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to a “sell” rating and decreased their target price for the company from $19.80 to $15.00 in a report on Thursday, May 9th. Finally, Citigroup set a $16.00 target price on shares of Tanger Factory Outlet Centers and gave the company a “hold” rating in a report on Friday, June 28th. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. Tanger Factory Outlet Centers presently has an average rating of “Sell” and a consensus price target of $21.00.

The company’s 50 day moving average is $16.11. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 5.96 and a beta of 0.65. The company has a debt-to-equity ratio of 3.25, a current ratio of 0.12 and a quick ratio of 0.12.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.355 dividend. This represents a $1.42 dividend on an annualized basis and a dividend yield of 9.61%. The ex-dividend date is Tuesday, July 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 57.26%.

In related news, SVP Carrie A. Warren sold 6,878 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $18.06, for a total transaction of $124,216.68. Following the sale, the senior vice president now directly owns 50,623 shares of the company’s stock, valued at approximately $914,251.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Chad Perry sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $18.64, for a total transaction of $55,920.00. Following the sale, the executive vice president now directly owns 92,096 shares in the company, valued at $1,716,669.44. The disclosure for this sale can be found here. Insiders sold a total of 10,878 shares of company stock worth $198,847 over the last three months. Insiders own 2.30% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SKT. Retirement Systems of Alabama increased its position in shares of Tanger Factory Outlet Centers by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 122,289 shares of the real estate investment trust’s stock valued at $2,566,000 after purchasing an additional 534 shares during the last quarter. Brinker Capital Inc. increased its position in shares of Tanger Factory Outlet Centers by 5.2% in the 1st quarter. Brinker Capital Inc. now owns 11,292 shares of the real estate investment trust’s stock valued at $237,000 after purchasing an additional 562 shares during the last quarter. Mason Street Advisors LLC increased its position in shares of Tanger Factory Outlet Centers by 1.6% in the 1st quarter. Mason Street Advisors LLC now owns 49,956 shares of the real estate investment trust’s stock valued at $1,048,000 after purchasing an additional 767 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Tanger Factory Outlet Centers by 5.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 15,500 shares of the real estate investment trust’s stock valued at $325,000 after purchasing an additional 800 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Tanger Factory Outlet Centers by 1.4% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 59,800 shares of the real estate investment trust’s stock valued at $969,000 after purchasing an additional 800 shares during the last quarter. 97.90% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Factory Outlet Centers Company Profile (NYSE:SKT)

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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

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