NYSE:SKT

Stock Analysis Report

Tanger Factory Outlet Centers

Executive Summary

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers.

Snowflake

Fundamentals

6 star dividend payer and fair value.

Risks

  • Tanger Factory Outlet Centers is covered by less than 3 analysts.

Similar Companies

Share Price & News

How has Tanger Factory Outlet Centers's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-4.6%

SKT

1.8%

US REITs

-0.6%

US Market


1 Year Return

-31.9%

SKT

12.7%

US REITs

0.7%

US Market

SKT underperformed the REITs industry which returned 12.7% over the past year.

SKT underperformed the Market in United States of America which returned 0.6% over the past year.


Share holder returns

SKTIndustryMarket
7 Day-4.6%1.8%-0.6%
30 Day8.0%1.8%2.9%
90 Day-2.5%3.2%1.3%
1 Year-26.9%-31.9%17.8%12.7%2.9%0.7%
3 Year-53.0%-60.4%26.8%10.4%44.6%35.2%
5 Year-39.2%-52.4%70.6%35.0%61.9%44.2%

Price Volatility Vs. Market

How volatile is Tanger Factory Outlet Centers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

4 weeks ago | Simply Wall St

CEO & Director Steven Tanger Just Bought Shares In Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Valuation

Is Tanger Factory Outlet Centers undervalued based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Tanger Factory Outlet Centers's share price is below the future cash flow value, and at a moderate discount (> 20%).

Tanger Factory Outlet Centers's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Tanger Factory Outlet Centers is good value based on earnings compared to the US REITs industry average.

Tanger Factory Outlet Centers is overvalued based on earnings compared to the United States of America market.


Price Based on Expected Growth

Tanger Factory Outlet Centers earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

Tanger Factory Outlet Centers is overvalued based on assets compared to the US REITs industry average.


Next Steps

Future Growth

How is Tanger Factory Outlet Centers expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

-10.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Tanger Factory Outlet Centers's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

Tanger Factory Outlet Centers's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

Tanger Factory Outlet Centers's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.

Tanger Factory Outlet Centers's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.

Tanger Factory Outlet Centers's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Tanger Factory Outlet Centers is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has Tanger Factory Outlet Centers performed over the past 5 years?

-11.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Tanger Factory Outlet Centers's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.

Tanger Factory Outlet Centers's 1-year earnings growth exceeds its 5-year average (19.1% vs -11.1%)

Tanger Factory Outlet Centers's earnings growth has exceeded the US REITs industry average in the past year (19.1% vs 17%).


Return on Equity

Tanger Factory Outlet Centers has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Tanger Factory Outlet Centers used its assets more efficiently than the US REITs industry average last year based on Return on Assets.


Return on Capital Employed

Tanger Factory Outlet Centers's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Tanger Factory Outlet Centers's financial position?


Financial Position Analysis

Tanger Factory Outlet Centers is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Tanger Factory Outlet Centers's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Tanger Factory Outlet Centers's level of debt (307.3%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (253% vs 307.3% today).

Debt is not well covered by operating cash flow (14.8%, less than 20% of total debt).

Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

What is Tanger Factory Outlet Centers's current dividend yield, its reliability and sustainability?

9.22%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Tanger Factory Outlet Centers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).

Tanger Factory Outlet Centers's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.8x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (148.4x coverage).


Next Steps

Management

What is the CEO of Tanger Factory Outlet Centers's salary, the management and board of directors tenure and is there insider trading?

6.5yrs

Average management tenure


CEO

Steve Tanger (70yo)

10.7yrs

Tenure

US$6,970,297

Compensation

Mr. Steven B. Tanger, also known as Steve, serves as a Director of Tanger Factory Outlet Centers, Inc., one of the largest owners and operators of outlet centers in the U.S. and Canada that is publicly tra ...


CEO Compensation Analysis

Steve's remuneration is higher than average for companies of similar size in United States of America.

Steve's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

6.5yrs

Average Tenure

56yo

Average Age

The average tenure for the Tanger Factory Outlet Centers management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

9.9yrs

Average Tenure

67yo

Average Age

The tenure for the Tanger Factory Outlet Centers board of directors is about average.


Insider Trading

More shares have been bought than sold by Tanger Factory Outlet Centers individual insiders in the past 3 months.


Recent Insider Transactions

BuyUS$144,09021 Aug 19
David Henry
EntityIndividual
Role
Chairman of the Board
Non-Executive Chair of the Board
Shares10,000
Max PriceUS$14.41
BuyUS$102,34020 Aug 19
Thomas Reddin
EntityIndividual
Role
Member of the Board of Directors
Director
Shares7,000
Max PriceUS$14.62
BuyUS$144,76020 Aug 19
Steven Tanger
EntityIndividual
Role
Chief Executive Officer
CEO & Director
Shares10,000
Max PriceUS$14.48
SellUS$124,22428 May 19
Carrie Warren
EntityIndividual
Role
Head of Marketing
Senior VP & Chief Marketing Officer
Shares6,878
Max PriceUS$18.06
SellUS$55,93216 May 19
Gareth Taylor
EntityIndividual
Role
Chief Legal Officer
Executive VP
Shares3,000
Max PriceUS$18.64
SellUS$18,71016 May 19
Thomas Guerrieri
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Controller
Shares1,000
Max PriceUS$18.71
SellUS$229,99814 May 19
Virginia Summerell
EntityIndividual
Shares12,604
Max PriceUS$18.25
SellUS$144,64814 May 19
Virginia Summerell
EntityIndividual
Shares8,000
Max PriceUS$18.08
SellUS$37,24430 Nov 18
Carrie Warren
EntityIndividual
Role
Head of Marketing
Senior VP & Chief Marketing Officer
Shares1,596
Max PriceUS$23.34
SellUS$83,86930 Nov 18
Charles Worsham
EntityIndividual
Role
Head of Corporate Development
Senior Vice President of Construction & Development
Shares3,550
Max PriceUS$23.63
SellUS$58,15327 Nov 18
Gareth Taylor
EntityIndividual
Role
Chief Legal Officer
Executive VP
Shares2,500
Max PriceUS$23.26
SellUS$203,09113 Nov 18
Lisa Morrison
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Leasing
Shares8,500
Max PriceUS$23.89

Ownership Breakdown


Management Team

  • Steve Tanger (70yo)

    CEO & Director

    • Tenure: 10.7yrs
    • Compensation: US$6.97m
  • Carrie Warren (56yo)

    Senior VP & Chief Marketing Officer

    • Tenure: 7.7yrs
    • Compensation: US$370.07k
  • Lisa Morrison (59yo)

    Executive Vice President of Leasing

    • Tenure: 18.3yrs
    • Compensation: US$981.49k
  • Jim Williams (54yo)

    Executive VP & CFO

    • Tenure: 3.3yrs
    • Compensation: US$1.29m
  • Tom Guerrieri (46yo)

    VP, Chief Accounting Officer & Controller

    • Tenure: 2.3yrs
  • Tom McDonough (61yo)

    President & COO

    • Tenure: 2.3yrs
    • Compensation: US$3.22m
  • Charles Worsham (47yo)

    Senior Vice President of Construction & Development

    • Tenure: 5.3yrs
  • Gareth Taylor

    Executive VP

    • Tenure: 7.8yrs
    • Compensation: US$1.84m
  • Quentin Pell

    Vice President of Corporate Communications & Enterprise Risk Management

    • Tenure: 0yrs
  • Cyndi Holt

    Vice President of Investor Relations

    • Tenure: 0yrs

Board Members

  • Tom Reddin (58yo)

    Director

    • Tenure: 9.2yrs
    • Compensation: US$289.42k
  • Allan Schuman (84yo)

    Independent Director

    • Tenure: 15.1yrs
    • Compensation: US$251.92k
  • Steve Tanger (70yo)

    CEO & Director

    • Tenure: 10.7yrs
    • Compensation: US$6.97m
  • William Benton (73yo)

    Director

    • Tenure: 26.3yrs
    • Compensation: US$239.42k
  • Jeffrey Citrin (61yo)

    Director

    • Tenure: 5.2yrs
    • Compensation: US$264.42k
  • Tom Robinson (71yo)

    Independent Director

    • Tenure: 25.7yrs
    • Compensation: US$239.42k
  • Dave Henry (70yo)

    Non-Executive Chair of the Board

    • Tenure: 0.3yrs
    • Compensation: US$251.92k
  • Bridget Ryan-Berman (58yo)

    Director

    • Tenure: 10.7yrs
    • Compensation: US$254.42k
  • Susan Skerritt (64yo)

    Director

    • Tenure: 1.2yrs
    • Compensation: US$25.27k
  • Luis Ubiñas (56yo)

    Director

    • Tenure: 0.2yrs

Company Information

Tanger Factory Outlet Centers, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tanger Factory Outlet Centers, Inc.
  • Ticker: SKT
  • Exchange: NYSE
  • Founded: 1981
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$1.536b
  • Market Cap: US$1.458b
  • Shares outstanding: 97.78m
  • Website: https://www.tangeroutlet.com

Number of Employees


Location

  • Tanger Factory Outlet Centers, Inc.
  • 3200 Northline Avenue
  • Suite 360
  • Greensboro
  • North Carolina
  • 27408
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SKTNYSE (New York Stock Exchange)YesCommon SharesUSUSDMay 1993
T6ODB (Deutsche Boerse AG)YesCommon SharesDEEURMay 1993
0LD4LSE (London Stock Exchange)YesCommon SharesGBUSDMay 1993

Biography

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 39 u ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/21 23:43
End of Day Share Price2019/09/20 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.