Tanger Factory Outlet Centers Inc. (SKT) Sees Strong Trading Volume
Shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) saw unusually-strong trading volume on Wednesday . Approximately 1,056,548 shares were traded during trading, an increase of 73% from the previous session’s volume of 610,086 shares.The stock last traded at $40.64 and had previously closed at $40.55.
A number of research analysts have weighed in on SKT shares. Hilliard Lyons upgraded shares of Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a research report on Thursday, August 25th. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Thursday, July 21st. Jefferies Group reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Wednesday. Vetr lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and set a $37.66 target price for the company. in a research note on Monday, May 9th. Finally, Citigroup Inc. boosted their target price on shares of Tanger Factory Outlet Centers from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $40.30.
The firm has a 50 day moving average price of $40.85 and a 200-day moving average price of $37.21. The firm has a market capitalization of $3.87 billion and a P/E ratio of 15.52.
Tanger Factory Outlet Centers (NYSE:SKT) last released its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The firm earned $111.30 million during the quarter, compared to analyst estimates of $107.85 million. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 earnings per share. On average, equities research analysts anticipate that Tanger Factory Outlet Centers Inc. will post $2.35 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Friday, July 29th were paid a $0.325 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Wednesday, July 27th.
In other news, Director William G. Benton sold 1,500 shares of Tanger Factory Outlet Centers stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $40.58, for a total value of $60,870.00. Following the completion of the transaction, the director now owns 73,387 shares in the company, valued at approximately $2,978,044.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Tanger Factory Outlet Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing, acquiring, owning, operating and managing outlet shopping centers in the United States and Canada. The Company’s consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet.
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