Equities research analysts expect Tanger Factory Outlet Centers Inc. (NYSE:SKT) to post $114.98 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Tanger Factory Outlet Centers’ earnings. The highest sales estimate is $116.48 million and the lowest is $113.47 million. Tanger Factory Outlet Centers reported sales of $121.00 million in the same quarter last year, which indicates a negative year over year growth rate of 5%. The company is scheduled to announce its next earnings results on Thursday, November 7th.
According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full year sales of $468.22 million for the current financial year, with estimates ranging from $461.92 million to $474.51 million. For the next fiscal year, analysts expect that the business will report sales of $458.25 million, with estimates ranging from $446.45 million to $470.05 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Tanger Factory Outlet Centers.
A number of research analysts have recently issued reports on SKT shares. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research report on Wednesday. Citigroup set a $16.00 price objective on shares of Tanger Factory Outlet Centers and gave the stock a “hold” rating in a research report on Friday, June 28th. Four equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.60.
In related news, CEO Steven B. Tanger bought 10,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $14.48 per share, with a total value of $144,800.00. Following the transaction, the chief executive officer now owns 1,188,888 shares in the company, valued at $17,215,098.24. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Reddin bought 7,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were bought at an average cost of $14.62 per share, for a total transaction of $102,340.00. Following the transaction, the director now owns 42,424 shares in the company, valued at approximately $620,238.88. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Aperio Group LLC grew its position in Tanger Factory Outlet Centers by 152.4% during the 2nd quarter. Aperio Group LLC now owns 75,327 shares of the real estate investment trust’s stock worth $1,221,000 after purchasing an additional 45,478 shares during the last quarter. Lido Advisors LLC purchased a new stake in Tanger Factory Outlet Centers during the 2nd quarter worth approximately $486,000. State Board of Administration of Florida Retirement System grew its position in Tanger Factory Outlet Centers by 7.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 93,066 shares of the real estate investment trust’s stock worth $1,953,000 after purchasing an additional 6,058 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Tanger Factory Outlet Centers by 77.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 86,633 shares of the real estate investment trust’s stock worth $1,404,000 after purchasing an additional 37,677 shares during the last quarter. Finally, Comerica Bank grew its position in Tanger Factory Outlet Centers by 2.8% during the 2nd quarter. Comerica Bank now owns 208,829 shares of the real estate investment trust’s stock worth $3,423,000 after purchasing an additional 5,609 shares during the last quarter.
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 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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