Utah Retirement Systems increased its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,773 shares of the real estate investment trust’s stock after purchasing an additional 588 shares during the period. Utah Retirement Systems’ holdings in Tanger Factory Outlet Centers were worth $566,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Glen Harbor Capital Management LLC boosted its stake in Tanger Factory Outlet Centers by 3.9% in the 1st quarter. Glen Harbor Capital Management LLC now owns 3,476 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 132 shares in the last quarter. RMR Advisors LLC bought a new position in Tanger Factory Outlet Centers in the 2nd quarter worth about $114,000. Elkfork Partners LLC boosted its stake in Tanger Factory Outlet Centers by 3.9% in the 1st quarter. Elkfork Partners LLC now owns 4,424 shares of the real estate investment trust’s stock worth $145,000 after purchasing an additional 168 shares in the last quarter. Meadow Creek Investment Management LLC boosted its stake in Tanger Factory Outlet Centers by 3.9% in the 1st quarter. Meadow Creek Investment Management LLC now owns 5,372 shares of the real estate investment trust’s stock worth $176,000 after purchasing an additional 204 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in Tanger Factory Outlet Centers by 19.9% in the 2nd quarter. LS Investment Advisors LLC now owns 7,629 shares of the real estate investment trust’s stock worth $198,000 after purchasing an additional 1,266 shares in the last quarter. Institutional investors own 97.09% of the company’s stock.

A number of equities analysts recently issued reports on the stock. 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. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Bank of America Corporation cut shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $28.00 to $25.50 in a research note on Friday, June 23rd. 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 target on shares of Tanger Factory Outlet Centers and gave the stock a “sell” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Tanger Factory Outlet Centers currently has a consensus rating of “Hold” and an average target price of $32.43.

Tanger Factory Outlet Centers, Inc. (NYSE SKT) opened at 24.40 on Thursday. The firm has a 50-day moving average price of $25.04 and a 200-day moving average price of $28.11. Tanger Factory Outlet Centers, Inc. has a 12 month low of $23.06 and a 12 month high of $40.05. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 16.20 and a beta of 0.47.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $119.60 million for the quarter, compared to the consensus estimate of $122.00 million. During the same quarter last year, the company earned $0.59 earnings per share. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts expect that Tanger Factory Outlet Centers, Inc. will post $0.78 earnings per share for the current fiscal year.

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

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were given a dividend of $0.3425 per share. This represents a $1.37 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date was Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is currently 90.73%.

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In related news, SVP Carrie A. Geldner sold 1,800 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total transaction of $43,524.00. Following the sale, the senior vice president now owns 53,511 shares of the company’s stock, valued at $1,293,895.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Thomas E. Mcdonough sold 10,734 shares of the firm’s 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 in the company, valued at approximately $4,827,933.74. The disclosure for this sale can be found here. 4.80% of the stock is owned by company insiders.

Tanger Factory Outlet Centers Company Profile

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.

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

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