Tanger Factory Outlet Centers, Inc. (SKT) Raised to Hold at 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 note issued to investors on Wednesday, October 18th.

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 research analysts have also recently weighed in on SKT. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. KeyCorp reiterated a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Friday, August 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $26.00 target price on shares of Tanger Factory Outlet Centers in a research note on Thursday, September 21st. Boenning Scattergood set a $25.00 target price on shares of Tanger Factory Outlet Centers and gave the company a “sell” rating in a research note on Thursday, August 3rd. Finally, Bank of America Corporation cut shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $28.00 to $25.50 in a research note on Friday, June 23rd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $28.60.

Tanger Factory Outlet Centers (NYSE:SKT) opened at 24.13 on Wednesday. The firm has a market cap of $2.29 billion, a P/E ratio of 16.02 and a beta of 0.49. The stock has a 50 day moving average price of $24.79 and a 200-day moving average price of $26.42. Tanger Factory Outlet Centers has a 1-year low of $23.06 and a 1-year high of $37.34.

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

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In related news, SVP Carrie A. Geldner sold 1,800 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were 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 in the company, valued at approximately $1,293,895.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Thomas E. Mcdonough sold 10,734 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total transaction of $287,027.16. Following the sale, the chief operating officer now owns 180,551 shares in the company, valued at $4,827,933.74. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of SKT. Wells Fargo & Company MN lifted its stake in Tanger Factory Outlet Centers by 5.1% in the 1st quarter. Wells Fargo & Company MN now owns 67,126 shares of the real estate investment trust’s stock worth $2,200,000 after purchasing an additional 3,249 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in Tanger Factory Outlet Centers by 22.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 195,481 shares of the real estate investment trust’s stock worth $6,406,000 after purchasing an additional 35,371 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Tanger Factory Outlet Centers in the 1st quarter worth approximately $407,000. JPMorgan Chase & Co. lifted its stake in Tanger Factory Outlet Centers by 32.8% in the 1st quarter. JPMorgan Chase & Co. now owns 316,268 shares of the real estate investment trust’s stock worth $10,364,000 after purchasing an additional 78,038 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in Tanger Factory Outlet Centers by 9.0% in the 1st quarter. Prudential Financial Inc. now owns 95,155 shares of the real estate investment trust’s stock worth $3,118,000 after purchasing an additional 7,870 shares in the last quarter. Institutional investors and hedge funds own 95.72% of the company’s stock.

About Tanger Factory Outlet Centers

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.

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