Diamond Hill Capital Management Inc. raised its position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 30.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 495,869 shares of the real estate investment trust’s stock after buying an additional 115,385 shares during the period. Diamond Hill Capital Management Inc. owned 0.52% of Tanger Factory Outlet Centers worth $12,883,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Glen Harbor Capital Management LLC boosted its stake in 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 valued at $114,000 after buying an additional 132 shares during the last quarter. RMR Advisors LLC acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter valued at $114,000. Elkfork Partners LLC boosted its stake 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 valued at $145,000 after buying an additional 168 shares in the last quarter. Meadow Creek Investment Management LLC boosted its stake 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 valued at $176,000 after buying an additional 204 shares in the last quarter. Finally, World Asset Management Inc boosted its stake in shares of Tanger Factory Outlet Centers by 13.7% in the first quarter. World Asset Management Inc now owns 6,624 shares of the real estate investment trust’s stock valued at $217,000 after buying an additional 798 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) traded down 3.29% during trading on Friday, reaching $24.98. 3,056,216 shares of the company’s stock were exchanged. 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 50-day moving average price of $26.42 and a 200 day moving average price of $29.69. The company has a market capitalization of $2.37 billion, a P/E ratio of 16.59 and a beta of 0.46.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The company had revenue of $119.60 million for the quarter, compared to analysts’ expectations of $122 million. During the same period last year, the firm earned $0.59 EPS. The firm’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 fiscal year.

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

Tanger Factory Outlet Centers announced that its board has authorized a stock repurchase program on Friday, May 19th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 54% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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Several equities research analysts recently weighed in on SKT shares. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Saturday, July 15th. BidaskClub raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and lowered their target price for the company from $38.00 to $29.00 in a research note on Friday, June 16th. Finally, Citigroup Inc. raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research note on Monday, June 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $32.43.

In other news, COO Thomas E. Mcdonough sold 10,734 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total transaction of $287,027.16. Following the completion of the sale, the chief operating officer now directly owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company 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.

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

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