Walter & Keenan Financial Consulting Co. MI ADV purchased a new position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 20,600 shares of the real estate investment trust’s stock, valued at approximately $535,000.

Several other institutional investors have also modified their holdings of the company. Glen Harbor Capital Management LLC raised its position 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 worth $114,000 after buying an additional 132 shares during the period. Elkfork Partners LLC raised its position in shares of 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 worth $145,000 after buying an additional 168 shares during the period. Utah Retirement Systems raised its position in shares of 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 worth $694,000 after buying an additional 200 shares during the period. Meadow Creek Investment Management LLC raised its position in shares of 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 worth $176,000 after buying an additional 204 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of 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 worth $331,000 after buying an additional 344 shares during the period. Institutional investors own 94.92% of the company’s stock.

Shares of Tanger Factory Outlet Centers, Inc. (SKT) opened at 26.31 on Thursday. The stock’s 50 day moving average is $26.42 and its 200 day moving average is $29.79. Tanger Factory Outlet Centers, Inc. has a 52-week low of $24.71 and a 52-week high of $41.25. The company has a market capitalization of $2.50 billion, a P/E ratio of 17.47 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 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 during the quarter, compared to analyst estimates of $122 million. During the same period in the previous year, the business posted $0.59 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities analysts expect that Tanger Factory Outlet Centers, Inc. will post $1.02 EPS for the current year.

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

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be paid a $0.3425 dividend. The ex-dividend date is Thursday, July 27th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.21%. Tanger Factory Outlet Centers’s dividend payout ratio is presently 90.73%.

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A number of equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Saturday, July 15th. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Bank of America Corporation lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $28.00 to $25.50 in a report on Friday, June 23rd. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report 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 report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $32.43.

In other news, COO Thomas E. Mcdonough sold 10,734 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Tuesday, August 1st. The shares were 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 directly owns 180,551 shares in the company, valued at $4,827,933.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.

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

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