We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Tanger Factory Outlet Centers, Inc. (SKT - Free Report) has found itself caught in the coronavirus pandemic as its centers closed around the country. This Zacks Rank #5 (Strong Sell) is expected to see earnings fall 28% in 2020.
Tanger Factory Outlet Centers is a REIT that owns and operates 39 upscale outlet shopping centers in 20 states and Canada.
It has leased out over 2,800 stores.
A Business Update as the Economy Re-Opened
On June 15, Tanger gave a business update as mandates had been lifted or eased and in-store shopping was again allowed in all 39 of its outlet centers.
The vast majority are open air centers.
As of June 14, open stores represented 72% of total occupied stores in the portfolio and 69% of pre-COVID-19 annualized base rent.
Weekly traffic exceeded 85% of the prior year levels.
At the centers which had seen in-store retail for 30 days or more, weekly traffic exceeded 90% of the prior year levels and open stores as a percentage of total occupied stores was approaching 90%.
In June, the shoppers were returning.
But since this business update, the company has not put out another one in July. It is due to report second quarter earnings results on Aug 5.
2020 Earnings Estimates Are Cut
The analysts have been bearish on 2020 over the last 90 days.
2 estimates were cut during that time and the Zacks Consensus Estimate has fallen to $1.64 from $1.79.
That's an earnings decline of 27.8% as Tanger made $2.27 a year ago.
Shares Remain Below Prior Highs
Tanger's shares have bounced off the coronavirus lows but still remain down 54% year-to-date.
The shares remain cheap, on a P/E basis, with a forward P/E of just 4.
But the dividend was suspended in May and remains suspended, for now.
This is a difficult time to own a shopping center REIT. Be sure to tune into the earnings calls for companies in this industry this earnings season.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Bear of the Day: Tanger Factory Outlet (SKT)
Tanger Factory Outlet Centers, Inc. (SKT - Free Report) has found itself caught in the coronavirus pandemic as its centers closed around the country. This Zacks Rank #5 (Strong Sell) is expected to see earnings fall 28% in 2020.
Tanger Factory Outlet Centers is a REIT that owns and operates 39 upscale outlet shopping centers in 20 states and Canada.
It has leased out over 2,800 stores.
A Business Update as the Economy Re-Opened
On June 15, Tanger gave a business update as mandates had been lifted or eased and in-store shopping was again allowed in all 39 of its outlet centers.
The vast majority are open air centers.
As of June 14, open stores represented 72% of total occupied stores in the portfolio and 69% of pre-COVID-19 annualized base rent.
Weekly traffic exceeded 85% of the prior year levels.
At the centers which had seen in-store retail for 30 days or more, weekly traffic exceeded 90% of the prior year levels and open stores as a percentage of total occupied stores was approaching 90%.
In June, the shoppers were returning.
But since this business update, the company has not put out another one in July. It is due to report second quarter earnings results on Aug 5.
2020 Earnings Estimates Are Cut
The analysts have been bearish on 2020 over the last 90 days.
2 estimates were cut during that time and the Zacks Consensus Estimate has fallen to $1.64 from $1.79.
That's an earnings decline of 27.8% as Tanger made $2.27 a year ago.
Shares Remain Below Prior Highs
Tanger's shares have bounced off the coronavirus lows but still remain down 54% year-to-date.
The shares remain cheap, on a P/E basis, with a forward P/E of just 4.
But the dividend was suspended in May and remains suspended, for now.
This is a difficult time to own a shopping center REIT. Be sure to tune into the earnings calls for companies in this industry this earnings season.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>