Tanger (NYSE:SKT) Posts Earnings Results, Beats Estimates By $0.04 EPS

Tanger (NYSE:SKT) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04, Zacks reports. Tanger had a return on equity of 15.75% and a net margin of 19.15%.

Tanger Price Performance

Tanger stock traded down $0.08 during midday trading on Tuesday, hitting $35.53. 1,260,125 shares of the company’s stock were exchanged, compared to its average volume of 1,162,795. The company has a market cap of $4.09 billion, a P/E ratio of 37.80, a PEG ratio of 1.56 and a beta of 1.18. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a 50-day moving average price of $33.68 and a two-hundred day moving average price of $33.44. Tanger has a 52-week low of $28.69 and a 52-week high of $36.51.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.3%. The ex-dividend date was Friday, January 30th. Tanger’s payout ratio is presently 124.47%.

Institutional Trading of Tanger

Large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its position in Tanger by 5.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 5,877 shares of the real estate investment trust’s stock worth $199,000 after acquiring an additional 306 shares during the period. M&T Bank Corp increased its position in Tanger by 3.3% in the second quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust’s stock worth $314,000 after buying an additional 326 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Tanger by 2.0% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 17,496 shares of the real estate investment trust’s stock worth $592,000 after acquiring an additional 346 shares during the period. Lido Advisors LLC raised its position in shares of Tanger by 3.0% during the 4th quarter. Lido Advisors LLC now owns 12,440 shares of the real estate investment trust’s stock valued at $420,000 after purchasing an additional 365 shares during the period. Finally, Private Advisor Group LLC lifted its position in shares of Tanger by 2.6% in the third quarter. Private Advisor Group LLC now owns 14,912 shares of the real estate investment trust’s stock valued at $505,000 after acquiring an additional 378 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

SKT has been the topic of several recent research reports. Barclays reiterated a “positive” rating and set a $36.00 target price on shares of Tanger in a research report on Tuesday, January 13th. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Citigroup reiterated a “neutral” rating and issued a $35.00 price objective (down from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Scotiabank boosted their target price on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Tanger presently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.