Duff & Phelps Investment Management Co. cut its stake in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 6.2% during the second quarter, Holdings Channel reports. The firm owned 1,630,295 shares of the real estate investment trust’s stock after selling 107,100 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Tanger Factory Outlet Centers were worth $42,355,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wells Fargo & Company MN boosted its stake in shares of Tanger Factory Outlet Centers by 5.1% in the first quarter. Wells Fargo & Company MN now owns 67,126 shares of the real estate investment trust’s stock valued at $2,200,000 after buying an additional 3,249 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Tanger Factory Outlet Centers by 1.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 33,746 shares of the real estate investment trust’s stock valued at $1,106,000 after buying an additional 500 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Tanger Factory Outlet Centers by 10.5% in the first quarter. Russell Investments Group Ltd. now owns 1,037,134 shares of the real estate investment trust’s stock valued at $33,989,000 after buying an additional 98,602 shares during the period. Glen Harbor Capital Management LLC boosted its stake in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,476 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 132 shares during the period. Finally, Crestwood Advisors Group LLC boosted its stake in shares of Tanger Factory Outlet Centers by 3.8% in the first quarter. Crestwood Advisors Group LLC now owns 367,376 shares of the real estate investment trust’s stock valued at $12,039,000 after buying an additional 13,461 shares during the period. Institutional investors and hedge funds own 94.92% of the company’s stock.

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) opened at 24.98 on Friday. Tanger Factory Outlet Centers, Inc. has a 12 month low of $24.71 and a 12 month high of $41.19. The stock has a 50 day moving average of $26.42 and a 200 day moving average of $29.69. The firm has a market capitalization of $2.37 billion, a PE ratio of 16.59 and a beta of 0.46.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. The firm had revenue of $119.60 million for the quarter, compared to the consensus estimate of $122 million. During the same period in the prior year, the firm posted $0.59 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts predict that Tanger Factory Outlet Centers, Inc. will post $1.02 earnings per share for the current fiscal year.

Tanger Factory Outlet Centers announced that its Board of Directors has initiated a share repurchase program on Friday, May 19th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 54% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be issued a $0.3425 dividend. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date is Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is 90.73%.

ILLEGAL ACTIVITY NOTICE: This news story was originally posted by Watch List News and is the property of of Watch List News. If you are viewing this news story on another publication, it was stolen and republished in violation of United States and international copyright laws. The correct version of this news story can be viewed at https://www.watchlistnews.com/duff-phelps-investment-management-co-has-42-36-million-stake-in-tanger-factory-outlet-centers-inc-skt/1477970.html.

Several brokerages have weighed in on SKT. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 29th. Jefferies Group LLC cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $38.00 to $29.00 in a research note on Friday, June 16th. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Saturday, July 15th. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Boenning Scattergood set a $25.00 price objective on shares of Tanger Factory Outlet Centers and gave the stock a “sell” rating in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $32.43.

In other news, COO Thomas E. Mcdonough sold 10,734 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total value of $287,027.16. Following the sale, the chief operating officer now directly owns 180,551 shares of the company’s stock, valued at $4,827,933.74. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

Want to see what other hedge funds are holding SKT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tanger Factory Outlet Centers, Inc. (NYSE:SKT).

Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

Receive News & Ratings for Tanger Factory Outlet Centers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.