Tanger Factory Outlet Centers (SKT) Upgraded to “Sell” at ValuEngine

ValuEngine upgraded shares of Tanger Factory Outlet Centers (NYSE:SKT) from a strong sell rating to a sell rating in a report released on Thursday morning.

A number of other analysts have also commented on SKT. Scotiabank assumed coverage on Tanger Factory Outlet Centers in a research report on Tuesday, October 16th. They issued an underperform rating for the company. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a hold rating to a buy rating and set a $26.00 target price on the stock in a research note on Thursday, November 22nd. Finally, Citigroup boosted their target price on Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the stock a neutral rating in a report on Thursday, August 16th. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Tanger Factory Outlet Centers presently has an average rating of Hold and a consensus target price of $22.88.

NYSE:SKT opened at $24.26 on Thursday. The company has a market capitalization of $2.19 billion, a P/E ratio of 9.86, a PEG ratio of 1.87 and a beta of 0.46. The company has a debt-to-equity ratio of 3.33, a quick ratio of 0.06 and a current ratio of 0.06. Tanger Factory Outlet Centers has a 52 week low of $19.86 and a 52 week high of $26.73.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.03. The business had revenue of $124.24 million for the quarter, compared to the consensus estimate of $119.47 million. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. Tanger Factory Outlet Centers’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.63 earnings per share. On average, sell-side analysts anticipate that Tanger Factory Outlet Centers will post 2.45 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend was Tuesday, October 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 56.91%.

In related news, EVP Chad Perry sold 2,500 shares of the firm’s stock in a transaction on Monday, November 26th. The stock was sold at an average price of $23.26, for a total value of $58,150.00. Following the transaction, the executive vice president now directly owns 86,517 shares of the company’s stock, valued at approximately $2,012,385.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Lisa J. Morrison sold 8,500 shares of the stock in a transaction on Monday, November 12th. The stock was sold at an average price of $23.89, for a total value of $203,065.00. Following the completion of the sale, the vice president now owns 41,167 shares of the company’s stock, valued at approximately $983,479.63. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,146 shares of company stock valued at $382,352. 2.10% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of SKT. Bank of Montreal Can raised its stake in Tanger Factory Outlet Centers by 111.5% in the second quarter. Bank of Montreal Can now owns 44,867 shares of the real estate investment trust’s stock worth $1,054,000 after buying an additional 23,652 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Tanger Factory Outlet Centers by 10.2% in the second quarter. Commonwealth Equity Services LLC now owns 100,726 shares of the real estate investment trust’s stock worth $2,366,000 after acquiring an additional 9,343 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Tanger Factory Outlet Centers by 2.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 94,223 shares of the real estate investment trust’s stock worth $2,213,000 after purchasing an additional 2,268 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Tanger Factory Outlet Centers by 10.1% during the 2nd quarter. Wells Fargo & Company MN now owns 763,129 shares of the real estate investment trust’s stock worth $17,925,000 after purchasing an additional 69,805 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Tanger Factory Outlet Centers by 12.3% during the 2nd quarter. First Trust Advisors LP now owns 36,139 shares of the real estate investment trust’s stock worth $849,000 after purchasing an additional 3,946 shares during the last quarter. 99.14% of the stock is owned by hedge funds and other institutional investors.

About Tanger Factory Outlet Centers

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

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