First Trust Advisors LP decreased its position in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) by 42.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 153,773 shares of the real estate investment trust’s stock after selling 113,687 shares during the period. First Trust Advisors LP owned approximately 0.16% of Tanger Factory Outlet Centers worth $3,995,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Glen Harbor Capital Management LLC raised 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 worth $114,000 after buying an additional 132 shares in the last quarter. RMR Advisors LLC bought a new stake in Tanger Factory Outlet Centers during the second quarter worth about $114,000. Elkfork Partners LLC raised its stake in 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 worth $145,000 after buying an additional 168 shares during the period. Meadow Creek Investment Management LLC raised its stake in 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 worth $176,000 after buying an additional 204 shares during the period. Finally, LS Investment Advisors LLC raised its stake in Tanger Factory Outlet Centers by 19.9% in the second quarter. LS Investment Advisors LLC now owns 7,629 shares of the real estate investment trust’s stock worth $198,000 after buying an additional 1,266 shares during the period. 97.09% of the stock is owned by institutional investors.

Tanger Factory Outlet Centers, Inc. (NYSE SKT) opened at 23.70 on Friday. The firm’s 50-day moving average price is $25.56 and its 200 day moving average price is $28.61. Tanger Factory Outlet Centers, Inc. has a one year low of $23.06 and a one year high of $41.16. The firm has a market cap of $2.25 billion, a P/E ratio of 15.74 and a beta of 0.47.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. The business had revenue of $119.60 million for the quarter, compared to analyst estimates of $122 million. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 EPS. On average, equities research analysts forecast that Tanger Factory Outlet Centers, Inc. will post $0.78 EPS for the current year.

Tanger Factory Outlet Centers declared that its Board of Directors has approved 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 purchase up to 54% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were issued a dividend of $0.3425 per share. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date was Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is presently 90.73%.

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A number of research firms have recently issued reports on SKT. KeyCorp reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a research report on Friday, August 25th. BidaskClub raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. 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. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Jefferies Group LLC lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $38.00 to $29.00 in a research report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. Tanger Factory Outlet Centers 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 the business’s stock in a transaction that occurred 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 transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Carrie A. Geldner sold 1,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total value of $43,524.00. Following the transaction, the senior vice president now directly owns 53,511 shares in the company, valued at $1,293,895.98. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by insiders.

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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