Tanger Factory Outlet Centers Inc. (NYSE:SKT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

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 subject of a number of other research reports. Evercore ISI raised shares of Tanger Factory Outlet Centers from a “hold” rating to an “outperform” rating in a research report on Friday, March 3rd. Jefferies Group LLC lowered their price objective on shares of Tanger Factory Outlet Centers from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, January 27th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $40.60.

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

Tanger Factory Outlet Centers (NYSE:SKT) traded down 0.62% during mid-day trading on Wednesday, hitting $25.48. 3,737,327 shares of the stock traded hands. The stock has a 50-day moving average price of $30.90 and a 200-day moving average price of $33.38. The stock has a market cap of $2.43 billion, a P/E ratio of 13.01 and a beta of 0.41. Tanger Factory Outlet Centers has a 12 month low of $24.71 and a 12 month high of $42.20.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.35. The company had revenue of $121.37 million for the quarter, compared to analysts’ expectations of $122.59 million. Tanger Factory Outlet Centers had a return on equity of 42.50% and a net margin of 60.55%. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 EPS. On average, equities analysts forecast that Tanger Factory Outlet Centers will post $1.01 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Friday, April 28th were given a dividend of $0.3425 per share. The ex-dividend date of this dividend was Wednesday, April 26th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.38%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.33. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 44.98%.

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In other Tanger Factory Outlet Centers news, VP Virginia R. Summerell sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $34.19, for a total value of $239,330.00. Following the completion of the transaction, the vice president now owns 31,322 shares of the company’s stock, valued at approximately $1,070,899.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allan L. Schuman sold 32,930 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $28.52, for a total transaction of $939,163.60. Following the completion of the transaction, the director now directly owns 43,953 shares of the company’s stock, valued at approximately $1,253,539.56. The disclosure for this sale can be found here. Insiders have sold a total of 78,984 shares of company stock valued at $2,444,138 in the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of SKT. Texas Permanent School Fund boosted its position in shares of Tanger Factory Outlet Centers by 0.7% in the third quarter. Texas Permanent School Fund now owns 73,173 shares of the real estate investment trust’s stock valued at $2,851,000 after buying an additional 503 shares in the last quarter. BB&T Securities LLC boosted its position in shares of Tanger Factory Outlet Centers by 12.2% in the third quarter. BB&T Securities LLC now owns 7,238 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 786 shares in the last quarter. Northern Trust Corp boosted its position in shares of Tanger Factory Outlet Centers by 7.0% in the third quarter. Northern Trust Corp now owns 1,201,265 shares of the real estate investment trust’s stock valued at $46,801,000 after buying an additional 78,916 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Tanger Factory Outlet Centers by 19.8% in the third quarter. Pacer Advisors Inc. now owns 10,593 shares of the real estate investment trust’s stock valued at $413,000 after buying an additional 1,752 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in shares of Tanger Factory Outlet Centers by 0.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 59,840 shares of the real estate investment trust’s stock valued at $2,331,000 after buying an additional 510 shares in the last quarter. 94.39% of the stock is owned by institutional investors.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

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