Tanger Factory Outlet Centers, Inc. (NYSE:SKT) has been given a consensus rating of “Hold” by the twelve ratings firms that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $30.60.

Several analysts have weighed in on the stock. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Saturday, July 15th. Bank of America Corporation cut shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock 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 research note on Friday, June 2nd. Finally, Boenning Scattergood set a $25.00 price objective on shares of Tanger Factory Outlet Centers and gave the stock a “sell” rating in a research note on Thursday, August 3rd.

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In related news, COO Thomas E. Mcdonough sold 10,734 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total transaction of $287,027.16. Following the sale, the chief operating officer now directly owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Carrie A. Geldner sold 1,800 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $24.18, for a total transaction of $43,524.00. Following the sale, the senior vice president now directly owns 53,511 shares in the company, valued at $1,293,895.98. The disclosure for this sale can be found here. 4.80% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Glen Harbor Capital Management LLC grew its holdings in shares of Tanger Factory Outlet Centers by 3.9% during the 1st quarter. Glen Harbor Capital Management LLC now owns 3,476 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 132 shares during the last quarter. RMR Advisors LLC bought a new stake in shares of Tanger Factory Outlet Centers during the 2nd quarter valued at approximately $114,000. Advisor Group Inc. grew its holdings in shares of Tanger Factory Outlet Centers by 6.5% during the 2nd quarter. Advisor Group Inc. now owns 4,968 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 303 shares during the last quarter. Salem Investment Counselors Inc. grew its holdings in shares of Tanger Factory Outlet Centers by 164.2% during the 2nd quarter. Salem Investment Counselors Inc. now owns 4,900 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 3,045 shares during the last quarter. Finally, Elkfork Partners LLC grew its holdings in shares of Tanger Factory Outlet Centers by 3.9% during the 1st quarter. Elkfork Partners LLC now owns 4,424 shares of the real estate investment trust’s stock valued at $145,000 after purchasing an additional 168 shares during the last quarter. 97.09% of the stock is currently owned by institutional investors.

Tanger Factory Outlet Centers (NYSE:SKT) traded up 0.44% on Friday, hitting $24.99. 2,592,443 shares of the stock traded hands. Tanger Factory Outlet Centers has a 52 week low of $23.06 and a 52 week high of $40.05. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 16.59 and a beta of 0.47. The firm’s 50 day moving average is $24.81 and its 200 day moving average is $27.99.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. The company had revenue of $119.60 million during the quarter, compared to analysts’ expectations of $122.00 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. Tanger Factory Outlet Centers’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 EPS. Equities analysts anticipate that Tanger Factory Outlet Centers will post $0.78 earnings per share for the current year.

Tanger Factory Outlet Centers declared that its board has approved a stock repurchase plan on Friday, May 19th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 54% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.

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

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