Tanger Factory Outlet Centers (NYSE:SKT) Upgraded to “Hold” at Zacks Investment Research

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Tanger Factory Outlet Centers (NYSE:SKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

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 brokerages also recently weighed in on SKT. Boenning Scattergood started coverage on Tanger Factory Outlet Centers in a research report on Monday, March 25th. They set an “outperform” rating and a $27.00 price target on the stock. Citigroup reaffirmed a “buy” rating on shares of Healthequity in a research report on Friday, June 28th. Goldman Sachs Group raised MICHELIN COMPAG/ADR from a “neutral” rating to a “buy” rating in a research report on Thursday, May 9th. Finally, ValuEngine raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Tanger Factory Outlet Centers currently has an average rating of “Hold” and an average price target of $21.00.

Shares of SKT opened at $16.39 on Tuesday. The stock’s 50-day moving average is $16.39. The firm has a market cap of $1.56 billion, a P/E ratio of 6.79 and a beta of 0.64. The company has a debt-to-equity ratio of 3.33, a current ratio of 0.02 and a quick ratio of 0.02. Tanger Factory Outlet Centers has a fifty-two week low of $15.48 and a fifty-two week high of $24.91.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.09. The company had revenue of $123.16 million for the quarter, compared to the consensus estimate of $122.16 million. Tanger Factory Outlet Centers had a return on equity of 15.71% and a net margin of 16.76%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the firm earned $0.60 EPS. As a group, analysts predict that Tanger Factory Outlet Centers will post 2.23 earnings per share for the current fiscal year.

In related news, EVP Chad Perry sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $18.64, for a total value of $55,920.00. Following the transaction, the executive vice president now directly owns 92,096 shares of the company’s stock, valued at approximately $1,716,669.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Carrie A. Warren sold 6,878 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $18.06, for a total transaction of $124,216.68. Following the completion of the transaction, the senior vice president now directly owns 50,623 shares in the company, valued at $914,251.38. The disclosure for this sale can be found here. Insiders have sold a total of 31,482 shares of company stock worth $573,427 over the last 90 days. Insiders own 2.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of SKT. Flagship Harbor Advisors LLC lifted its stake in Tanger Factory Outlet Centers by 615.6% in the 1st quarter. Flagship Harbor Advisors LLC now owns 1,467 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 1,262 shares in the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Tanger Factory Outlet Centers during the 2nd quarter worth approximately $32,000. Quadrant Capital Group LLC increased its holdings in shares of Tanger Factory Outlet Centers by 2,610.7% during the 1st quarter. Quadrant Capital Group LLC now owns 2,277 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 2,193 shares during the last quarter. NumerixS Investment Technologies Inc increased its holdings in shares of Tanger Factory Outlet Centers by 4,100.0% during the 1st quarter. NumerixS Investment Technologies Inc now owns 4,200 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 4,100 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Tanger Factory Outlet Centers by 18.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,385 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 828 shares during the last quarter. 98.09% of the stock is currently owned by hedge funds and other institutional investors.

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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

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