William Blair Investment Management LLC reduced its stake in Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 86.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,230 shares of the real estate investment trust’s stock after selling 433,805 shares during the period. William Blair Investment Management LLC owned about 0.07% of Tanger Factory Outlet Centers worth $1,695,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of SKT. Goodwin Daniel L acquired a new position in Tanger Factory Outlet Centers during the second quarter valued at approximately $317,000. Credit Suisse AG increased its position in Tanger Factory Outlet Centers by 5.7% in the first quarter. Credit Suisse AG now owns 428,564 shares of the real estate investment trust’s stock valued at $14,043,000 after buying an additional 23,157 shares during the period. TIAA CREF Investment Management LLC increased its position in Tanger Factory Outlet Centers by 15.7% in the first quarter. TIAA CREF Investment Management LLC now owns 448,885 shares of the real estate investment trust’s stock valued at $14,710,000 after buying an additional 60,838 shares during the period. Morgan Stanley increased its position in Tanger Factory Outlet Centers by 9.8% in the first quarter. Morgan Stanley now owns 5,353,601 shares of the real estate investment trust’s stock valued at $175,438,000 after buying an additional 477,744 shares during the period. Finally, Crestwood Advisors Group LLC increased its position in Tanger Factory Outlet Centers by 1.9% in the second quarter. Crestwood Advisors Group LLC now owns 377,654 shares of the real estate investment trust’s stock valued at $9,900,000 after buying an additional 6,918 shares during the period. Institutional investors and hedge funds own 97.09% of the company’s stock.

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) opened at 24.28 on Monday. The company’s 50 day moving average is $25.89 and its 200-day moving average is $28.99. The firm has a market cap of $2.31 billion, a P/E ratio of 16.12 and a beta of 0.46. Tanger Factory Outlet Centers, Inc. has a 52 week low of $23.66 and a 52 week high of $41.19.

Tanger Factory Outlet Centers (NYSE:SKT) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The firm had revenue of $119.60 million during the quarter, compared to analysts’ expectations of $122 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 EPS. Equities analysts expect that Tanger Factory Outlet Centers, Inc. will post $0.78 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were paid a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a yield of 5.64%. The ex-dividend date of this dividend was Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is currently 90.73%.

Tanger Factory Outlet Centers declared that its board has approved a stock buyback plan 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 purchase up to 54% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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A number of equities analysts recently commented on SKT shares. Citigroup Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research note on Monday, June 12th. Jefferies Group LLC downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and lowered their target price for the stock from $38.00 to $29.00 in a research note on Friday, June 16th. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 29th. KeyCorp reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Friday. Finally, Boenning Scattergood set a $25.00 target price on shares of Tanger Factory Outlet Centers and gave the stock a “sell” rating in a research note on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.43.

In related news, SVP Carrie A. Geldner sold 1,800 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $24.18, for a total transaction of $43,524.00. Following the completion of the transaction, the senior vice president now directly owns 53,511 shares in the company, valued at approximately $1,293,895.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Thomas E. Mcdonough sold 10,734 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total transaction of $287,027.16. Following the transaction, the chief operating officer now owns 180,551 shares of the company’s stock, valued at $4,827,933.74. The disclosure for this sale can be found here. 4.80% of the stock is owned by corporate insiders.

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.

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

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