Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Saturday.

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. “

Other equities research analysts have also issued research reports about the stock. Bank of America Corporation lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and cut their target price for the company from $28.00 to $25.50 in a research note on Friday, June 23rd. ValuEngine cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. Jefferies Group LLC cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and decreased their price objective for the company from $38.00 to $29.00 in a report on Friday, June 16th. Finally, Citigroup Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a report on Monday, June 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Tanger Factory Outlet Centers currently has an average rating of “Hold” and an average target price of $36.08.

Tanger Factory Outlet Centers (NYSE SKT) traded up 1.06% during mid-day trading on Friday, reaching $26.75. The company’s stock had a trading volume of 1,158,473 shares. The stock’s 50 day moving average price is $26.12 and its 200 day moving average price is $31.56. Tanger Factory Outlet Centers has a 1-year low of $24.71 and a 1-year high of $42.20. The stock has a market capitalization of $2.55 billion, a P/E ratio of 13.65 and a beta of 0.45.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by $0.35. The company had revenue of $121.37 million during the quarter, compared to analyst estimates of $122.59 million. Tanger Factory Outlet Centers had a net margin of 39.32% and a return on equity of 27.05%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.56 EPS. Analysts expect that Tanger Factory Outlet Centers will post $1.01 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be given a $0.3425 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $1.37 annualized dividend and a dividend yield of 5.12%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 69.90%.

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In other Tanger Factory Outlet Centers news, EVP Chad Perry sold 8,000 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $27.57, for a total value of $220,560.00. Following the completion of the sale, the executive vice president now owns 78,112 shares in the company, valued at approximately $2,153,547.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Allan L. Schuman sold 32,930 shares of the stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $28.52, for a total transaction of $939,163.60. Following the completion of the sale, the director now 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. 2.10% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the company. Glen Harbor Capital Management LLC raised its position in shares of Tanger Factory Outlet Centers by 3.9% in the first quarter. Glen Harbor Capital Management LLC now owns 3,476 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 132 shares during the period. Elkfork Partners LLC raised its position in Tanger Factory Outlet Centers by 3.9% in the first quarter. Elkfork Partners LLC now owns 4,424 shares of the real estate investment trust’s stock worth $145,000 after buying an additional 168 shares during the last quarter. Meadow Creek Investment Management LLC raised its position in Tanger Factory Outlet Centers by 3.9% in the first quarter. Meadow Creek Investment Management LLC now owns 5,372 shares of the real estate investment trust’s stock worth $176,000 after buying an additional 204 shares during the last quarter. World Asset Management Inc raised its position in Tanger Factory Outlet Centers by 13.7% in the first quarter. World Asset Management Inc now owns 6,624 shares of the real estate investment trust’s stock worth $217,000 after buying an additional 798 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in Tanger Factory Outlet Centers by 9.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,513 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 649 shares during the last quarter. Institutional investors own 94.70% of the company’s stock.

Tanger Factory Outlet Centers Company Profile

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

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