Tanger Factory Outlet Centers (SKT) Stock Rating Upgraded by 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 report released on Thursday.

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. “

A number of other equities research analysts also recently weighed in on SKT. Citigroup lifted their target price on Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. ValuEngine raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 1st. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $21.83.

Shares of NYSE:SKT opened at $23.19 on Thursday. The stock has a market capitalization of $2.21 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 2.04 and a beta of 0.53. Tanger Factory Outlet Centers has a 52-week low of $19.86 and a 52-week high of $26.73. 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 (NYSE:SKT) last issued its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.35). The business had revenue of $117.08 million during 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 predict that Tanger Factory Outlet Centers will post 2.43 earnings per share for the current year.

In other news, SVP Carrie A. Warren sold 2,000 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $24.14, for a total value of $48,280.00. Following the completion of the transaction, the senior vice president now owns 53,501 shares in the company, valued at $1,291,514.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 4,500 shares of company stock valued at $107,930 in the last quarter. 2.10% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of the company. Truvestments Capital LLC acquired a new stake in shares of Tanger Factory Outlet Centers in the second quarter valued at approximately $698,000. Bank of New York Mellon Corp increased its holdings in shares of Tanger Factory Outlet Centers by 7.1% in the second quarter. Bank of New York Mellon Corp now owns 1,761,548 shares of the real estate investment trust’s stock valued at $41,378,000 after purchasing an additional 116,626 shares in the last quarter. WINTON GROUP Ltd increased its holdings in shares of Tanger Factory Outlet Centers by 263.0% in the second quarter. WINTON GROUP Ltd now owns 178,102 shares of the real estate investment trust’s stock valued at $4,184,000 after purchasing an additional 129,035 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Tanger Factory Outlet Centers in the second quarter valued at approximately $119,000. Finally, MetLife Investment Advisors LLC increased its holdings in shares of Tanger Factory Outlet Centers by 72.2% in the second quarter. MetLife Investment Advisors LLC now owns 101,621 shares of the real estate investment trust’s stock valued at $2,387,000 after purchasing an additional 42,624 shares in 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 510 different brand name companies.

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