Analysts Set Tanger Factory Outlet Centers Inc. (SKT) Target Price at $21.83

Shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) have been assigned an average recommendation of “Hold” from the nine research firms that are currently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $21.83.

A number of analysts have recently weighed in on SKT shares. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Citigroup increased their price target 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 upgraded Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 1st. Finally, Scotiabank assumed coverage on Tanger Factory Outlet Centers in a research report on Tuesday, October 16th. They set an “underperform” rating on the stock.

In related news, SVP Carrie A. Warren sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $24.14, for a total value of $48,280.00. Following the sale, the senior vice president now directly owns 53,501 shares in the company, valued at approximately $1,291,514.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of SKT. Dimensional Fund Advisors LP increased its position in Tanger Factory Outlet Centers by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,511,696 shares of the real estate investment trust’s stock valued at $33,257,000 after acquiring an additional 16,113 shares during the period. UBS Group AG increased its position in Tanger Factory Outlet Centers by 10.5% in the 1st quarter. UBS Group AG now owns 307,183 shares of the real estate investment trust’s stock valued at $6,758,000 after acquiring an additional 29,265 shares during the period. Legal & General Group Plc increased its position in Tanger Factory Outlet Centers by 13.2% in the 1st quarter. Legal & General Group Plc now owns 386,216 shares of the real estate investment trust’s stock valued at $8,497,000 after acquiring an additional 45,112 shares during the period. Xact Kapitalforvaltning AB increased its position in Tanger Factory Outlet Centers by 49.4% in the 1st quarter. Xact Kapitalforvaltning AB now owns 14,811 shares of the real estate investment trust’s stock valued at $326,000 after acquiring an additional 4,900 shares during the period. Finally, Principal Financial Group Inc. increased its position in Tanger Factory Outlet Centers by 9.1% in the 1st quarter. Principal Financial Group Inc. now owns 8,239,374 shares of the real estate investment trust’s stock valued at $181,266,000 after acquiring an additional 688,466 shares during the period.

Shares of Tanger Factory Outlet Centers stock opened at $22.46 on Tuesday. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.07 and a current ratio of 0.07. The company has a market cap of $2.16 billion, a PE ratio of 9.13, a P/E/G ratio of 1.99 and a beta of 0.51. Tanger Factory Outlet Centers has a twelve month low of $19.86 and a twelve month high of $26.73.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. The business had revenue of $124.24 million for the quarter, compared to analysts’ expectations of $119.47 million. Tanger Factory Outlet Centers had a return on equity of 10.34% and a net margin of 12.60%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. As a group, research analysts expect that Tanger Factory Outlet Centers will post 2.43 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 6.23%. The ex-dividend date of this dividend is Tuesday, October 30th. Tanger Factory Outlet Centers’s dividend payout ratio is currently 56.91%.

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.

See Also: Beta

Analyst Recommendations for Tanger Factory Outlet Centers (NYSE:SKT)

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