Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was downgraded by stock analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They presently have a $25.50 target price on the real estate investment trust’s stock, down from their previous target price of $28.00. Bank of America Corporation’s target price suggests a potential downside of 0.78% from the stock’s current price.

SKT has been the subject of several other reports. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Wednesday, March 29th. Jefferies Group LLC lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and decreased their price target for the company from $38.00 to $29.00 in a report on Friday, June 16th. Evercore ISI raised shares of Tanger Factory Outlet Centers from a “hold” rating to an “outperform” rating in a report on Friday, March 3rd. ValuEngine lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Citigroup Inc. raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a report on Monday, June 12th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $36.08.

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

Shares of Tanger Factory Outlet Centers (NYSE:SKT) traded down 1.91% during midday trading on Friday, hitting $25.21. 1,820,890 shares of the stock were exchanged. The company has a market cap of $2.40 billion, a PE ratio of 12.87 and a beta of 0.46. The firm has a 50-day moving average price of $26.61 and a 200-day moving average price of $32.00. 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 announced its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.35. Tanger Factory Outlet Centers had a return on equity of 27.05% and a net margin of 39.32%. The company had revenue of $121.37 million for the quarter, compared to analyst estimates of $122.59 million. During the same period in the prior year, the business earned $0.56 earnings per share. Tanger Factory Outlet Centers’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts predict that Tanger Factory Outlet Centers will post $1.01 EPS for the current year.

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In related news, EVP Chad Perry sold 8,000 shares of Tanger Factory Outlet Centers stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $27.57, for a total value of $220,560.00. Following the sale, the executive vice president now directly owns 78,112 shares in the company, valued at approximately $2,153,547.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Thomas E. Mcdonough sold 10,409 shares of Tanger Factory Outlet Centers stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $32.69, for a total transaction of $340,270.21. Following the completion of the sale, the chief operating officer now owns 191,285 shares in the company, valued at $6,253,106.65. The disclosure for this sale can be found here. Insiders sold a total of 51,339 shares of company stock valued at $1,499,994 over the last ninety days. Company insiders own 2.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of SKT. Dimensional Fund Advisors LP increased its stake in shares of Tanger Factory Outlet Centers by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,327,331 shares of the real estate investment trust’s stock valued at $47,490,000 after buying an additional 7,400 shares in the last quarter. Federated Investors Inc. PA increased its stake in shares of Tanger Factory Outlet Centers by 1.2% in the fourth quarter. Federated Investors Inc. PA now owns 53,228 shares of the real estate investment trust’s stock valued at $1,904,000 after buying an additional 616 shares in the last quarter. FMR LLC increased its stake in shares of Tanger Factory Outlet Centers by 57.4% in the fourth quarter. FMR LLC now owns 1,201,600 shares of the real estate investment trust’s stock valued at $42,993,000 after buying an additional 438,200 shares in the last quarter. Elkfork Partners LLC purchased a new stake in shares of Tanger Factory Outlet Centers during the fourth quarter valued at $152,000. Finally, Asset Management One Co. Ltd. increased its stake in shares of Tanger Factory Outlet Centers by 7.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 253,700 shares of the real estate investment trust’s stock valued at $8,944,000 after buying an additional 16,523 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

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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