Zacks: Analysts Anticipate Tanger Factory Outlet Centers Inc. (NYSE:SKT) to Post $0.38 Earnings Per Share

Equities research analysts predict that Tanger Factory Outlet Centers Inc. (NYSE:SKT) will post earnings of $0.38 per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Tanger Factory Outlet Centers’ earnings, with estimates ranging from $0.29 to $0.46. Tanger Factory Outlet Centers posted earnings of $0.57 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 33.3%. The firm is scheduled to announce its next earnings report after the market closes on Wednesday, August 5th.

According to Zacks, analysts expect that Tanger Factory Outlet Centers will report full year earnings of $1.64 per share for the current year, with EPS estimates ranging from $1.41 to $1.82. For the next financial year, analysts forecast that the company will report earnings of $1.63 per share, with EPS estimates ranging from $1.56 to $1.70. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow Tanger Factory Outlet Centers.

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

A number of equities research analysts have issued reports on the company. Goldman Sachs Group assumed coverage on Tanger Factory Outlet Centers in a research note on Wednesday, July 1st. They issued a “neutral” rating and a $7.70 price target for the company. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. TheStreet lowered Tanger Factory Outlet Centers from a “c-” rating to a “d” rating in a research note on Friday, May 15th. Compass Point assumed coverage on Tanger Factory Outlet Centers in a research note on Thursday, June 4th. They issued a “sell” rating and a $6.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price objective on Tanger Factory Outlet Centers from $15.00 to $8.00 and set an “underweight” rating for the company in a research report on Thursday, June 18th. Five investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Tanger Factory Outlet Centers currently has a consensus rating of “Sell” and a consensus price target of $7.81.

Several institutional investors have recently modified their holdings of SKT. BlackRock Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 20.0% in the 1st quarter. BlackRock Inc. now owns 16,196,060 shares of the real estate investment trust’s stock valued at $80,979,000 after acquiring an additional 2,698,770 shares during the last quarter. Norges Bank bought a new position in shares of Tanger Factory Outlet Centers in the 4th quarter valued at about $14,786,000. Legion Partners Asset Management LLC bought a new position in shares of Tanger Factory Outlet Centers in the 1st quarter valued at about $4,789,000. Advisor Group Holdings Inc. bought a new position in shares of Tanger Factory Outlet Centers in the 1st quarter valued at about $646,000. Finally, O Keefe Stevens Advisory Inc. bought a new position in shares of Tanger Factory Outlet Centers in the 2nd quarter valued at about $2,583,000. Hedge funds and other institutional investors own 84.70% of the company’s stock.

NYSE:SKT opened at $6.62 on Thursday. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.62 and a quick ratio of 6.62. The firm has a market capitalization of $618.77 million, a price-to-earnings ratio of -220.59 and a beta of 1.94. Tanger Factory Outlet Centers has a one year low of $4.05 and a one year high of $17.94. The business has a fifty day moving average price of $7.12 and a 200-day moving average price of $9.66.

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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