Tanger Factory Outlet Centers Inc. (NYSE:SKT) Expected to Announce Earnings of $0.29 Per Share

Analysts predict that Tanger Factory Outlet Centers Inc. (NYSE:SKT) will report earnings of $0.29 per share for the current quarter, Zacks reports. Two analysts have provided estimates for Tanger Factory Outlet Centers’ earnings. Tanger Factory Outlet Centers reported earnings of $0.57 per share during the same quarter last year, which suggests a negative year over year growth rate of 49.1%. The firm is scheduled to report its next earnings report on Wednesday, July 29th.

On average, analysts expect that Tanger Factory Outlet Centers will report full year earnings of $1.65 per share for the current fiscal year, with EPS estimates ranging from $1.41 to $1.88. For the next financial year, analysts forecast that the business will post earnings of $1.78 per share, with EPS estimates ranging from $1.70 to $1.85. Zacks’ earnings per share calculations are an average based on a survey of research firms that that provide coverage for Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Monday, May 11th. The real estate investment trust reported ($0.30) EPS for the quarter, missing the consensus estimate of $0.52 by ($0.82). The firm had revenue of $108.56 million during the quarter, compared to the consensus estimate of $110.37 million. Tanger Factory Outlet Centers had a negative return on equity of 0.39% and a negative net margin of 0.38%.

Several brokerages recently commented on SKT. TheStreet cut Tanger Factory Outlet Centers from a “c-” rating to a “d” rating in a research report on Friday, May 15th. ValuEngine cut Tanger Factory Outlet Centers from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 2nd. KeyCorp reduced their target price on Tanger Factory Outlet Centers from $12.00 to $3.00 and set an “underweight” rating for the company in a research report on Friday, April 3rd. Citigroup reduced their target price on Tanger Factory Outlet Centers from $13.50 to $4.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Finally, Bank of America cut Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $11.00 to $5.50 in a report on Monday, March 23rd. Four investment analysts have rated the stock with a sell rating and one has given a hold rating to the company. The stock currently has an average rating of “Sell” and a consensus price target of $7.75.

SKT stock traded down $0.23 during midday trading on Tuesday, hitting $6.15. The stock had a trading volume of 3,499,956 shares, compared to its average volume of 3,404,107. The firm has a market capitalization of $574.82 million, a price-to-earnings ratio of 2.75 and a beta of 2.01. Tanger Factory Outlet Centers has a 52 week low of $4.05 and a 52 week high of $17.94. The stock has a 50-day simple moving average of $6.26 and a 200 day simple moving average of $11.39. The company has a current ratio of 6.62, a quick ratio of 6.62 and a debt-to-equity ratio of 6.50.

In other Tanger Factory Outlet Centers news, SVP Charles Allen Worsham sold 12,500 shares of Tanger Factory Outlet Centers stock in a transaction on Friday, March 13th. The stock was sold at an average price of $8.96, for a total transaction of $112,000.00. Following the completion of the transaction, the senior vice president now directly owns 37,574 shares of the company’s stock, valued at $336,663.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in SKT. First Trust Advisors LP increased its stake in shares of Tanger Factory Outlet Centers by 9.7% in the first quarter. First Trust Advisors LP now owns 222,567 shares of the real estate investment trust’s stock valued at $4,669,000 after buying an additional 19,691 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tanger Factory Outlet Centers by 2.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 89,035 shares of the real estate investment trust’s stock worth $1,311,000 after purchasing an additional 2,402 shares during the period. Valeo Financial Advisors LLC increased its position in Tanger Factory Outlet Centers by 109.7% in the fourth quarter. Valeo Financial Advisors LLC now owns 4,291 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 2,245 shares during the period. Virginia Retirement Systems ET AL increased its position in Tanger Factory Outlet Centers by 26.9% in the fourth quarter. Virginia Retirement Systems ET AL now owns 369,900 shares of the real estate investment trust’s stock worth $5,449,000 after purchasing an additional 78,300 shares during the period. Finally, CWM LLC acquired a new stake in Tanger Factory Outlet Centers in the fourth quarter worth about $71,000. Institutional investors own 84.68% of the company’s stock.

Tanger Factory Outlet Centers Company Profile

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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Earnings History and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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