Tanger Factory Outlet Centers (SKT) Lifted to Hold at Zacks Investment Research

Tanger Factory Outlet Centers (NYSE:SKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

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 research analysts also recently commented on SKT. ValuEngine downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Evercore ISI downgraded Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a research note on Thursday, February 15th. Boenning Scattergood reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Thursday, February 15th. Finally, KeyCorp downgraded Tanger Factory Outlet Centers from a “sector weight” rating to an “underweight” rating and set a $19.00 target price for the company. in a research note on Wednesday, May 2nd. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has a consensus rating of “Sell” and a consensus price target of $23.70.

NYSE SKT traded down $0.15 during trading on Tuesday, hitting $20.96. 286,351 shares of the company’s stock were exchanged, compared to its average volume of 1,707,851. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 2.99. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 8.52, a PEG ratio of 1.61 and a beta of 0.51. Tanger Factory Outlet Centers has a fifty-two week low of $19.86 and a fifty-two week high of $28.01.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.34). The business had revenue of $123.50 million for the quarter, compared to analyst estimates of $120.93 million. Tanger Factory Outlet Centers had a return on equity of 10.97% and a net margin of 13.85%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.58 EPS. sell-side analysts predict that Tanger Factory Outlet Centers will post 2.45 earnings per share for the current year.

In other news, VP Virginia R. Summerell sold 5,800 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $22.90, for a total value of $132,820.00. Following the completion of the transaction, the vice president now owns 32,025 shares of the company’s stock, valued at $733,372.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Thomas E. Mcdonough sold 11,276 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $22.55, for a total value of $254,273.80. Following the completion of the transaction, the chief operating officer now directly owns 159,088 shares of the company’s stock, valued at approximately $3,587,434.40. The disclosure for this sale can be found here. Insiders sold 17,515 shares of company stock valued at $396,945 in the last ninety days. 2.10% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Tanger Factory Outlet Centers by 34.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,160 shares of the real estate investment trust’s stock valued at $216,000 after acquiring an additional 2,107 shares during the last quarter. FDx Advisors Inc. boosted its holdings in Tanger Factory Outlet Centers by 10.5% in the fourth quarter. FDx Advisors Inc. now owns 23,221 shares of the real estate investment trust’s stock valued at $616,000 after acquiring an additional 2,215 shares during the last quarter. ING Groep NV boosted its holdings in Tanger Factory Outlet Centers by 22.6% in the fourth quarter. ING Groep NV now owns 14,263 shares of the real estate investment trust’s stock valued at $378,000 after acquiring an additional 2,633 shares during the last quarter. OLD National Bancorp IN boosted its holdings in Tanger Factory Outlet Centers by 15.2% in the fourth quarter. OLD National Bancorp IN now owns 21,523 shares of the real estate investment trust’s stock valued at $571,000 after acquiring an additional 2,840 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Tanger Factory Outlet Centers by 69.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,963 shares of the real estate investment trust’s stock valued at $185,000 after acquiring an additional 2,863 shares during the last quarter.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 500 different brand name companies.

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