Tanger Factory Outlet Centers Inc. (SKT) Given Consensus Rating of “Sell” by Brokerages

Tanger Factory Outlet Centers Inc. (NYSE:SKT) has been given an average rating of “Sell” by the nine brokerages that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $22.67.

A number of analysts have weighed in on SKT shares. ValuEngine lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. 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 restated a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Thursday, February 15th. KeyCorp lowered Tanger Factory Outlet Centers from a “sector weight” rating to an “underweight” rating and set a $19.00 target price for the company. in a report on Wednesday, May 2nd. Finally, Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Tuesday, May 8th.

Tanger Factory Outlet Centers traded down $0.03, hitting $20.90, during midday trading on Thursday, MarketBeat Ratings reports. The stock had a trading volume of 12,991 shares, compared to its average volume of 1,873,423. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 2.99. The stock has a market cap of $1.96 billion, a P/E ratio of 8.50, a price-to-earnings-growth ratio of 1.65 and a beta of 0.51. Tanger Factory Outlet Centers has a one year low of $19.86 and a one year high of $27.88.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.34). The company had revenue of $123.50 million for the quarter, compared to analysts’ expectations of $120.93 million. Tanger Factory Outlet Centers had a return on equity of 10.97% and a net margin of 13.85%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 EPS. sell-side analysts anticipate that Tanger Factory Outlet Centers will post 2.44 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 15th. Stockholders of record on Monday, April 30th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 6.70%. The ex-dividend date of this dividend was Friday, April 27th. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34. Tanger Factory Outlet Centers’s dividend payout ratio is currently 56.91%.

In related news, SVP Carrie A. Warren sold 2,357 shares of the firm’s stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $20.80, for a total value of $49,025.60. Following the completion of the transaction, the senior vice president now owns 55,501 shares in the company, valued at approximately $1,154,420.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Virginia R. Summerell sold 5,800 shares of the firm’s 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 of the company’s stock, valued at approximately $733,372.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,596 shares of company stock valued at $191,697. Company insiders own 2.10% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Pettyjohn Wood & White Inc. raised its stake in Tanger Factory Outlet Centers by 32.8% in the 4th quarter. Pettyjohn Wood & White Inc. now owns 45,855 shares of the real estate investment trust’s stock worth $1,216,000 after acquiring an additional 11,315 shares during the last quarter. BB&T Securities LLC raised its stake in Tanger Factory Outlet Centers by 29.3% in the 4th quarter. BB&T Securities LLC now owns 16,106 shares of the real estate investment trust’s stock worth $426,000 after acquiring an additional 3,648 shares during the last quarter. US Bancorp DE raised its stake in Tanger Factory Outlet Centers by 25.2% in the 4th quarter. US Bancorp DE now owns 19,385 shares of the real estate investment trust’s stock worth $514,000 after acquiring an additional 3,906 shares during the last quarter. New Mexico Educational Retirement Board grew its position in Tanger Factory Outlet Centers by 75.6% during the 4th quarter. New Mexico Educational Retirement Board now owns 23,500 shares of the real estate investment trust’s stock worth $623,000 after purchasing an additional 10,118 shares during the period. Finally, Advisor Group Inc. grew its position in Tanger Factory Outlet Centers by 135.7% during the 4th quarter. Advisor Group Inc. now owns 14,227 shares of the real estate investment trust’s stock worth $377,000 after purchasing an additional 8,190 shares during the period.

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 500 different brand name companies.

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

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