Tanger Factory Outlet Centers (NYSE:SKT) Shares Gap Up to $7.31

Shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) gapped up prior to trading on Tuesday . The stock had previously closed at $7.68, but opened at $7.31. Tanger Factory Outlet Centers shares last traded at $7.12, with a volume of 62,089 shares traded.

SKT has been the subject of several research reports. Bank of America cut Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $11.00 to $5.50 in a report on Monday, March 23rd. Citigroup lowered their target price on Tanger Factory Outlet Centers from $13.50 to $4.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. ValuEngine lowered Tanger Factory Outlet Centers from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Tanger Factory Outlet Centers from $15.00 to $8.00 and set an “underweight” rating for the company in a research report on Thursday, June 18th. Five analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The stock currently has an average rating of “Sell” and an average target price of $7.50.

The business has a fifty day moving average price of $6.90 and a two-hundred day moving average price of $10.11. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.62 and a quick ratio of 6.62. The firm has a market capitalization of $683.27 million, a price-to-earnings ratio of -243.59 and a beta of 1.93.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Monday, May 11th. The real estate investment trust reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.82). The firm had revenue of $108.56 million during the quarter, compared to analyst estimates of $110.37 million. Tanger Factory Outlet Centers had a negative net margin of 0.38% and a negative return on equity of 0.39%. On average, research analysts predict that Tanger Factory Outlet Centers Inc. will post 1.64 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Utah Retirement Systems increased its holdings in shares of Tanger Factory Outlet Centers by 13.7% in the fourth quarter. Utah Retirement Systems now owns 14,085 shares of the real estate investment trust’s stock valued at $207,000 after purchasing an additional 1,700 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 19.0% in the first quarter. PNC Financial Services Group Inc. now owns 11,267 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 1,799 shares during the last quarter. Forsta AP Fonden boosted its stake in shares of Tanger Factory Outlet Centers by 11.7% in the fourth quarter. Forsta AP Fonden now owns 20,100 shares of the real estate investment trust’s stock worth $296,000 after buying an additional 2,100 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Tanger Factory Outlet Centers by 0.4% in the first quarter. Wells Fargo & Company MN now owns 525,486 shares of the real estate investment trust’s stock worth $2,627,000 after buying an additional 2,341 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Tanger Factory Outlet Centers in the fourth quarter worth about $8,803,000. 84.70% of the stock is currently owned by institutional investors and hedge funds.

About Tanger Factory Outlet Centers (NYSE:SKT)

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.

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