Tanger Factory Outlet Centers (SKT) Downgraded by ValuEngine to Strong Sell

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Tanger Factory Outlet Centers (NYSE:SKT) was downgraded by equities researchers at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued on Friday.

A number of other equities analysts also recently issued reports on the company. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Thursday. Citigroup lifted their price target on Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the company a “neutral” rating in a research note on Thursday, August 16th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $21.83.

SKT stock traded down $0.44 during mid-day trading on Friday, reaching $23.19. 701,800 shares of the company traded hands, compared to its average volume of 1,466,444. The company has a market capitalization of $2.21 billion, a P/E ratio of 9.43, a price-to-earnings-growth ratio of 2.04 and a beta of 0.53. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.07 and a current ratio of 0.07. Tanger Factory Outlet Centers has a fifty-two week low of $19.86 and a fifty-two week high of $26.73.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.35). The company had revenue of $117.08 million for the quarter, compared to analyst estimates of $116.92 million. Tanger Factory Outlet Centers had a net margin of 12.60% and a return on equity of 10.34%. sell-side analysts forecast that Tanger Factory Outlet Centers will post 2.43 earnings per share for the current fiscal year.

In other news, EVP Chad Perry sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $23.76, for a total value of $47,520.00. Following the transaction, the executive vice president now owns 89,017 shares in the company, valued at approximately $2,115,043.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 4,500 shares of company stock worth $107,930 in the last 90 days. Company insiders own 2.10% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 24.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,354,340 shares of the real estate investment trust’s stock worth $31,814,000 after buying an additional 268,103 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Tanger Factory Outlet Centers by 37.5% in the 1st quarter. Thrivent Financial for Lutherans now owns 71,723 shares of the real estate investment trust’s stock worth $1,578,000 after purchasing an additional 19,566 shares during the period. Bank of Montreal Can raised its holdings in shares of Tanger Factory Outlet Centers by 111.5% in the 2nd quarter. Bank of Montreal Can now owns 44,867 shares of the real estate investment trust’s stock worth $1,054,000 after purchasing an additional 23,652 shares during the period. Barclays PLC raised its holdings in shares of Tanger Factory Outlet Centers by 114.9% in the 1st quarter. Barclays PLC now owns 223,537 shares of the real estate investment trust’s stock worth $4,918,000 after purchasing an additional 119,542 shares during the period. Finally, Chicago Equity Partners LLC raised its holdings in shares of Tanger Factory Outlet Centers by 162.8% in the 2nd quarter. Chicago Equity Partners LLC now owns 113,005 shares of the real estate investment trust’s stock worth $2,654,000 after purchasing an additional 70,000 shares during the period.

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 510 different brand name companies.

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