Tanger Factory Outlet Centers (SKT) reported quarterly earnings results on Tuesday, Apr-26-2016. The company said it had a profit of $0.56 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.55. The company posted revenue of $110.80 million in the period, compared to analysts expectations of $114.01 million. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.
Many Wall Street Analysts have commented on Tanger Factory Outlet Centers. Tanger Factory Outlet Centers was Downgraded by Citigroup to ” Neutral” on Apr 4, 2016. Tanger Factory Outlet Centers was Upgraded by Citigroup to ” Buy” on Feb 16, 2016. Tanger Factory Outlet Centers was Upgraded by Hilliard Lyons to ” Buy” on Feb 11, 2016.
Tanger Factory Outlet Centers opened for trading at $35.93 and hit $36.17 on the upside on Friday, eventually ending the session at $36, with a gain of 0.50% or 0.18 points. The heightened volatility saw the trading volume jump to 6,83,271 shares. Company has a market cap of $3,452 M.
In a different news, on Apr 5, 2016, Thomas E. Mcdonough (EVP, Chief Operating Officer) sold 11,546 shares at $36.14 per share price. According to the SEC, on Apr 4, 2016, James Floyd Williams (Sr.VP &CAO) sold 5,392 shares at $36.32 per share price. On Mar 2, 2016, Chad Perry (EVP,General Counsel,Secretary) sold 4,100 shares at $32.05 per share price, according to the Form-4 filing with the securities and exchange commission.
Tanger Factory Outlet Centers Inc. is a fully-integrated self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing acquiring owning operating and managing outlet shopping centers. The Company has interests in nine outlet centers totaling approximately 2.6 million square feet including four outlet centers in Canada. The outlet centers and other assets are held by and all of the Company’s operations are conducted by Tanger Properties Limited Partnership and subsidiaries. The Company owns the units of partnership interest issued by the Operating Partnership through its two wholly owned subsidiaries Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. Its outlet centers range in size from 24619 to 749074 square feet and are located at least ten miles from department stores and manufacturer-owned retail stores.