Municipal Employees Retirement System of Michigan decreased its stake in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 16.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 37,230 shares of the real estate investment trust’s stock after selling 7,290 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Tanger Factory Outlet Centers were worth $967,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Teachers Advisors LLC increased its stake in Tanger Factory Outlet Centers by 10.2% in the fourth quarter. Teachers Advisors LLC now owns 173,883 shares of the real estate investment trust’s stock valued at $6,222,000 after buying an additional 16,075 shares in the last quarter. Macquarie Group Ltd. increased its stake in Tanger Factory Outlet Centers by 7.1% in the fourth quarter. Macquarie Group Ltd. now owns 42,883 shares of the real estate investment trust’s stock valued at $1,534,000 after buying an additional 2,825 shares in the last quarter. Creative Planning increased its stake in Tanger Factory Outlet Centers by 6.8% in the first quarter. Creative Planning now owns 11,775 shares of the real estate investment trust’s stock valued at $386,000 after buying an additional 752 shares in the last quarter. Capstone Asset Management Co. increased its stake in Tanger Factory Outlet Centers by 28.6% in the first quarter. Capstone Asset Management Co. now owns 9,636 shares of the real estate investment trust’s stock valued at $316,000 after buying an additional 2,145 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Tanger Factory Outlet Centers by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 24,300 shares of the real estate investment trust’s stock valued at $796,000 after buying an additional 500 shares in the last quarter. 94.92% of the stock is currently owned by institutional investors.

Shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) opened at 24.98 on Friday. Tanger Factory Outlet Centers, Inc. has a 12-month low of $24.71 and a 12-month high of $41.19. The stock has a market capitalization of $2.37 billion, a P/E ratio of 16.59 and a beta of 0.46. The stock has a 50 day moving average of $26.42 and a 200 day moving average of $29.69.

Tanger Factory Outlet Centers (NYSE:SKT) last posted 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 net margin of 29.65% and a return on equity of 20.75%. The firm had revenue of $119.60 million for the quarter, compared to analyst estimates of $122 million. During the same period last year, the firm posted $0.59 EPS. Tanger Factory Outlet Centers’s quarterly revenue was up 7.5% on a year-over-year basis. Equities research analysts anticipate that Tanger Factory Outlet Centers, Inc. will post $1.02 EPS for the current fiscal year.

Tanger Factory Outlet Centers declared that its board has authorized a share repurchase plan on Friday, May 19th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 54% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be given a $0.3425 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $1.37 dividend on an annualized basis and a yield of 5.48%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 90.73%.

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SKT has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, May 17th. ValuEngine downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. Jefferies Group LLC downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and dropped their target price for the stock from $38.00 to $29.00 in a research report on Friday, June 16th. Finally, Bank of America Corporation downgraded shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $28.00 to $25.50 in a research report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $32.43.

In related news, COO Thomas E. Mcdonough sold 10,734 shares of Tanger Factory Outlet Centers stock in a transaction 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 transaction, the chief operating officer now directly owns 180,551 shares in the company, valued at approximately $4,827,933.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

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.

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

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