Tanger Factory Outlet Centers, Inc. (SKT) Upgraded to “Hold” by Zacks Investment Research

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust which focuses exclusively on developing, acquiring, owning and operating factory outlet centers. Since entering the factory outlet center business, they have become one of the largest owners and operators of factory outlet centers in the United States. “

Several other equities research analysts have also recently issued reports on the company. Bank of America Corporation cut Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $28.00 to $25.50 in a report on Friday, June 23rd. Boenning Scattergood set a $25.00 target price on Tanger Factory Outlet Centers and gave the stock a “sell” rating in a report on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 target price on shares of Tanger Factory Outlet Centers in a report on Thursday, September 21st. BidaskClub raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. Finally, KeyCorp reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Friday, August 25th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.50.

Tanger Factory Outlet Centers (NYSE SKT) opened at 25.27 on Wednesday. Tanger Factory Outlet Centers has a 12 month low of $23.06 and a 12 month high of $37.34. The stock’s 50 day moving average price is $24.50 and its 200 day moving average price is $26.81. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of 16.78 and a beta of 0.49.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The firm had revenue of $119.60 million for the quarter, compared to analysts’ expectations of $122.00 million. During the same period in the previous year, the firm posted $0.59 earnings per share. The business’s revenue was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Tanger Factory Outlet Centers will post $0.77 earnings per share for the current fiscal year.

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In other Tanger Factory Outlet Centers news, 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 transaction of $43,524.00. Following the sale, the senior vice president now directly owns 53,511 shares of the company’s stock, valued at $1,293,895.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $287,027.16. Following the sale, the chief operating officer now directly owns 180,551 shares in the company, valued at $4,827,933.74. The disclosure for this sale can be found here. Insiders own 4.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. Bank of New York Mellon Corp boosted its position in shares of Tanger Factory Outlet Centers by 22.1% during the second quarter. Bank of New York Mellon Corp now owns 2,441,323 shares of the real estate investment trust’s stock valued at $63,426,000 after buying an additional 441,736 shares during the period. Goodwin Daniel L purchased a new position in shares of Tanger Factory Outlet Centers during the second quarter valued at approximately $317,000. Advisors Asset Management Inc. boosted its position in shares of Tanger Factory Outlet Centers by 4.7% during the second quarter. Advisors Asset Management Inc. now owns 44,673 shares of the real estate investment trust’s stock valued at $1,161,000 after buying an additional 2,014 shares during the period. Principal Financial Group Inc. boosted its position in shares of Tanger Factory Outlet Centers by 199.1% during the second quarter. Principal Financial Group Inc. now owns 3,947,025 shares of the real estate investment trust’s stock valued at $102,543,000 after buying an additional 2,627,566 shares during the period. Finally, Credit Suisse AG boosted its position in shares of Tanger Factory Outlet Centers by 5.7% during the first quarter. Credit Suisse AG now owns 428,564 shares of the real estate investment trust’s stock valued at $14,043,000 after buying an additional 23,157 shares during the period. 95.70% of the stock is currently owned by institutional investors.

Tanger Factory Outlet Centers Company Profile

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.

Analyst Recommendations for Tanger Factory Outlet Centers (NYSE:SKT)

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