Tanger Factory Outlet Centers (NYSE:SKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, May 8th.
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 a number of other reports. Evercore ISI lowered Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a report on Thursday, February 15th. Boenning Scattergood reaffirmed a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Thursday, February 15th. ValuEngine lowered Tanger Factory Outlet Centers from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd. Finally, KeyCorp lowered Tanger Factory Outlet Centers from a “sector weight” rating to an “underweight” rating and set a $19.00 target price on the stock. in a report on Wednesday, May 2nd. Five equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock has a consensus rating of “Sell” and an average target price of $23.70.
Shares of Tanger Factory Outlet Centers traded up $0.12, reaching $20.28, during trading hours on Tuesday, according to MarketBeat Ratings. 1,379,821 shares of the company’s stock traded hands, compared to its average volume of 1,920,441. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 8.24, a price-to-earnings-growth ratio of 1.60 and a beta of 0.51. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.05 and a current ratio of 0.05. Tanger Factory Outlet Centers has a twelve month low of $19.86 and a twelve month high of $27.88.
Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, May 1st. The real estate investment trust reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.34). The business had revenue of $123.50 million for the quarter, compared to analyst estimates of $120.93 million. Tanger Factory Outlet Centers had a net margin of 13.85% and a return on equity of 10.97%. Tanger Factory Outlet Centers’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the business posted $0.58 earnings per share. analysts forecast that Tanger Factory Outlet Centers will post 2.44 EPS for the current fiscal year.
In related news, VP Virginia R. Summerell sold 5,800 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $22.90, for a total value of $132,820.00. Following the completion of the transaction, the vice president now owns 32,025 shares in the company, valued at approximately $733,372.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Thomas E. Mcdonough sold 11,276 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $22.55, for a total value of $254,273.80. Following the completion of the transaction, the chief operating officer now owns 159,088 shares of the company’s stock, valued at approximately $3,587,434.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,515 shares of company stock worth $396,945. 2.10% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Tanger Factory Outlet Centers by 34.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,160 shares of the real estate investment trust’s stock valued at $216,000 after purchasing an additional 2,107 shares during the period. FDx Advisors Inc. boosted its position in Tanger Factory Outlet Centers by 10.5% during the 4th quarter. FDx Advisors Inc. now owns 23,221 shares of the real estate investment trust’s stock worth $616,000 after acquiring an additional 2,215 shares during the period. ING Groep NV boosted its position in Tanger Factory Outlet Centers by 22.6% during the 4th quarter. ING Groep NV now owns 14,263 shares of the real estate investment trust’s stock worth $378,000 after acquiring an additional 2,633 shares during the period. Dean Investment Associates LLC boosted its position in Tanger Factory Outlet Centers by 6.3% during the 1st quarter. Dean Investment Associates LLC now owns 47,673 shares of the real estate investment trust’s stock worth $1,049,000 after acquiring an additional 2,824 shares during the period. Finally, OLD National Bancorp IN boosted its position in Tanger Factory Outlet Centers by 15.2% during the 4th quarter. OLD National Bancorp IN now owns 21,523 shares of the real estate investment trust’s stock worth $571,000 after acquiring an additional 2,840 shares during the period.
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 500 different brand name companies.
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