NGAM Advisors L.P. decreased its stake in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 39.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 51,064 shares of the real estate investment trust’s stock after selling 33,529 shares during the period. NGAM Advisors L.P.’s holdings in Tanger Factory Outlet Centers were worth $1,326,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. 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 last quarter. Elkfork Partners LLC boosted its position in Tanger Factory Outlet Centers by 3.9% in the first quarter. Elkfork Partners LLC now owns 4,424 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 168 shares in the last quarter. Utah Retirement Systems boosted its position in Tanger Factory Outlet Centers by 1.0% in the first quarter. Utah Retirement Systems now owns 21,185 shares of the real estate investment trust’s stock valued at $694,000 after buying an additional 200 shares in the last quarter. Meadow Creek Investment Management LLC boosted its position in Tanger Factory Outlet Centers by 3.9% in the first quarter. Meadow Creek Investment Management LLC now owns 5,372 shares of the real estate investment trust’s stock valued at $176,000 after buying an additional 204 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Tanger Factory Outlet Centers by 3.5% in the first quarter. PNC Financial Services Group Inc. now owns 10,105 shares of the real estate investment trust’s stock valued at $331,000 after buying an additional 344 shares in the last quarter. Institutional investors and hedge funds own 97.97% of the company’s stock.

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) opened at 24.58 on Wednesday. The firm has a market capitalization of $2.34 billion, a PE ratio of 16.32 and a beta of 0.46. The company has a 50 day moving average of $26.38 and a 200 day moving average of $29.49. Tanger Factory Outlet Centers, Inc. has a 1-year low of $24.49 and a 1-year high of $41.25.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The firm had revenue of $119.60 million during the quarter, compared to the consensus estimate of $122 million. During the same period last year, the company earned $0.59 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. Analysts forecast that Tanger Factory Outlet Centers, Inc. will post $1.04 EPS for the current year.

Tanger Factory Outlet Centers announced that its board has approved a share repurchase plan on Friday, May 19th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the real estate investment trust to buy up to 54% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were issued a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a dividend yield of 5.57%. The ex-dividend date of this dividend was Thursday, July 27th. Tanger Factory Outlet Centers’s dividend payout ratio is presently 90.73%.

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Several equities analysts recently issued reports on SKT shares. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Citigroup Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research note on Monday, June 12th. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. 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. Finally, Bank of America Corporation cut shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $28.00 to $25.50 in a research note on Friday, June 23rd. Two research 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 a consensus rating of “Hold” and an average target price of $32.43.

In other Tanger Factory Outlet Centers news, COO Thomas E. Mcdonough sold 10,734 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total value of $287,027.16. Following the completion of the sale, the chief operating officer now owns 180,551 shares of the company’s stock, valued at $4,827,933.74. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by company insiders.

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.

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

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