abrdn plc Purchases 713 Shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Posted by MarketBeat News on Aug 4th, 2022

abrdn plc lifted its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,696 shares of the real estate investment trust’s stock after acquiring an additional 713 shares during the quarter. abrdn plc’s holdings in Tanger Factory Outlet Centers were worth $397,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in SKT. Values First Advisors Inc. raised its holdings in Tanger Factory Outlet Centers by 6.3% in the first quarter. Values First Advisors Inc. now owns 109,051 shares of the real estate investment trust’s stock worth $1,875,000 after purchasing an additional 6,505 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new position in Tanger Factory Outlet Centers in the first quarter worth about $1,050,000. DAVENPORT & Co LLC raised its holdings in Tanger Factory Outlet Centers by 28.6% in the first quarter. DAVENPORT & Co LLC now owns 27,450 shares of the real estate investment trust’s stock worth $472,000 after purchasing an additional 6,100 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in Tanger Factory Outlet Centers by 5.5% in the first quarter. Mutual of America Capital Management LLC now owns 14,983 shares of the real estate investment trust’s stock worth $258,000 after purchasing an additional 776 shares in the last quarter. Finally, Cyrus J. Lawrence LLC bought a new position in Tanger Factory Outlet Centers in the first quarter worth about $28,000. 82.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Compass Point cut their price objective on shares of Tanger Factory Outlet Centers from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, June 22nd.

Insider Activity at Tanger Factory Outlet Centers

In related news, Director Thomas Reddin sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $18.00, for a total value of $180,000.00. Following the sale, the director now owns 45,654 shares in the company, valued at $821,772. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.80% of the stock is owned by insiders.

Tanger Factory Outlet Centers Stock Performance

SKT opened at $15.97 on Thursday. Tanger Factory Outlet Centers, Inc. has a 52-week low of $13.77 and a 52-week high of $22.51. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 2.74. The company has a market cap of $1.67 billion, a P/E ratio of 72.59, a price-to-earnings-growth ratio of 1.14 and a beta of 1.79. The firm’s 50-day moving average price is $15.45 and its 200-day moving average price is $16.53.

Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.21). Tanger Factory Outlet Centers had a net margin of 5.84% and a return on equity of 5.04%. The company had revenue of $108.87 million for the quarter, compared to analyst estimates of $101.62 million. During the same quarter last year, the company earned $0.40 EPS. The business’s revenue was up 8.1% compared to the same quarter last year. As a group, equities analysts anticipate that Tanger Factory Outlet Centers, Inc. will post 1.75 EPS for the current fiscal year.

Tanger Factory Outlet Centers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 29th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $0.80 dividend on an annualized basis and a yield of 5.01%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 363.65%.

Tanger Factory Outlet Centers Profile

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Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies.