Healthy Upside Potential: Tanger Factory Outlet Centers Inc. (SKT)

Tanger Factory Outlet Centers Inc. (NYSE: SKT) stock jumped 3.49% on Thursday to $23.72 against a previous-day closing price of $22.92. With 0.73 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.79 million shares. During the session, the REIT – Retail company that operates in wider Real Estate sector, reached to the highest price of $23.74 whereas the lowest price it dropped to was $23.03. The 52-week range on SKT shows that it touched its highest point at $25.23 and its lowest point at $13.26 during that stretch. It currently has a 1-year price target of $22.67. With its current market cap of 2.53 billion, SKT has annualized dividend of $0.98 while the current yield stands at 4.13%. Beta for the stock currently stands at 1.76.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SKT was up-trending over the past week, with a rise of 0.04%, but this was down by -3.46% over a month. Three-month performance surged to 10.17% while six-month performance rose 30.76%. The stock gained 56.77% in the past year, while it has gained 32.22% so far this year. A look at the trailing 12-month EPS for SKT yields 0.83 with Next year EPS estimates of 0.96. For the next quarter, that number is 0.23. This implies an EPS growth rate of 842.70% for this year and 5.49% for next year. EPS is expected to grow by 6.70% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 1.70%.

Float and Shares Shorts:

At present, 104.37 million SKT shares are outstanding with a float of 102.11 million shares on hand for trading. On Aug 14, 2023, short shares totaled 8.54 million, which was 8.12% higher than short shares on Jul 13, 2023. In addition to Mr. Steven B. Tanger as the firm’s Exec. Chair of the Board, Mr. Stephen J. Yalof serves as its Pres, CEO & Director.

Institutional Ownership:

Through their ownership of 84.06% of SKT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 51.45% of SKT, in contrast to 5.17% held by mutual funds. Shares owned by individuals account for 35.79%. As the largest shareholder in SKT with 15.91% of the stake, The Vanguard Group, Inc. holds 16,730,423 shares worth 16,730,423. A second-largest stockholder of SKT, BlackRock Fund Advisors, holds 16,649,247 shares, controlling over 15.83% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SKT, holding 6,538,718 shares or 6.22% stake. With a 7.08% stake in SKT, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 7,444,518 shares are owned by the mutual fund manager. The Vanguard Real Estate Index Fund, which owns about 4.22% of SKT stock, is the second-largest Mutual Fund holder. It holds 4,438,122 shares valued at 103.9 million. Vanguard Total Stock Market ETF holds 2.91% of the stake in SKT, owning 3,055,453 shares worth 71.53 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, SKT reported revenue of $105.84M and operating income of $27.59M. The EBITDA in the recently reported quarter was $58.62M and diluted EPS was $0.19.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SKT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With SKT analysts setting a high price target of $26.00 and a low target of $17.00, the average target price over the next 12 months is $22.86. Based on these targets, SKT could surge 9.61% to reach the target high and fall by -28.33% to reach the target low. Reaching the average price target will result in a decline of -3.63% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded SKT stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 21 while that of sell transactions has risen to 16 over the past year. The total number of shares bought during that period was 978,833 while 763,844 shares were sold.

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