Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers (NYSE:SKT) from a sell rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.
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. “
SKT has been the topic of several other research reports. ValuEngine upgraded shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research note on Monday, April 1st. Citigroup restated a buy rating on shares of Healthequity in a research note on Friday, June 28th. Boenning Scattergood started coverage on shares of Tanger Factory Outlet Centers in a research note on Monday, March 25th. They issued an outperform rating and a $27.00 price objective on the stock. Finally, Goldman Sachs Group upgraded shares of MICHELIN COMPAG/ADR from a neutral rating to a buy rating in a research note on Thursday, May 9th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $21.00.
Shares of SKT stock opened at $16.26 on Tuesday. Tanger Factory Outlet Centers has a 12 month low of $15.48 and a 12 month high of $24.91. The company has a debt-to-equity ratio of 3.33, a quick ratio of 0.02 and a current ratio of 0.02. The company’s 50 day moving average is $16.37. The firm has a market capitalization of $1.53 billion, a P/E ratio of 6.56 and a beta of 0.64.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.09. The business had revenue of $123.16 million for the quarter, compared to the consensus estimate of $122.16 million. Tanger Factory Outlet Centers had a net margin of 16.76% and a return on equity of 15.71%. Tanger Factory Outlet Centers’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. On average, sell-side analysts expect that Tanger Factory Outlet Centers will post 2.23 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.355 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $1.42 dividend on an annualized basis and a yield of 8.73%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 57.26%.
In other Tanger Factory Outlet Centers news, SVP Carrie A. Warren sold 6,878 shares of Tanger Factory Outlet Centers stock in a transaction on Friday, May 24th. The shares were sold at an average price of $18.06, for a total transaction of $124,216.68. Following the sale, the senior vice president now owns 50,623 shares in the company, valued at $914,251.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Virginia R. Summerell sold 20,604 shares of Tanger Factory Outlet Centers stock in a transaction on Monday, May 13th. The stock was sold at an average price of $18.18, for a total transaction of $374,580.72. The disclosure for this sale can be found here. Insiders have sold 31,482 shares of company stock worth $573,427 in the last quarter. Corporate insiders own 2.30% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Flagship Harbor Advisors LLC boosted its stake in Tanger Factory Outlet Centers by 615.6% during the first quarter. Flagship Harbor Advisors LLC now owns 1,467 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 1,262 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of Tanger Factory Outlet Centers during the second quarter valued at $32,000. Quadrant Capital Group LLC lifted its holdings in shares of Tanger Factory Outlet Centers by 2,610.7% during the first quarter. Quadrant Capital Group LLC now owns 2,277 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 2,193 shares during the period. NumerixS Investment Technologies Inc lifted its holdings in shares of Tanger Factory Outlet Centers by 4,100.0% during the first quarter. NumerixS Investment Technologies Inc now owns 4,200 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 4,100 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 18.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,385 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 828 shares during the period. Hedge funds and other institutional investors own 98.09% of the company’s stock.
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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.
Further Reading: What is a blue-chip stock?
Get a free copy of the Zacks research report on Tanger Factory Outlet Centers (SKT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tanger Factory Outlet Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers and related companies with MarketBeat.com's FREE daily email newsletter.