Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

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 topic of several other research reports. BidaskClub upgraded Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. KeyCorp reaffirmed a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Friday, August 25th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 price target on shares of Tanger Factory Outlet Centers in a report on Thursday, September 21st. Boenning Scattergood set a $25.00 price target on Tanger Factory Outlet Centers and gave the stock a “sell” rating in a report on Thursday, August 3rd. Finally, Bank of America Corporation cut Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $28.00 to $25.50 in a report on Friday, June 23rd. Four analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $30.50.

Shares of Tanger Factory Outlet Centers (SKT) opened at 25.30 on Thursday. The stock has a 50 day moving average price of $24.43 and a 200-day moving average price of $26.97. Tanger Factory Outlet Centers has a 1-year low of $23.06 and a 1-year high of $37.34. The stock has a market capitalization of $2.40 billion, a PE ratio of 16.80 and a beta of 0.49.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The firm had revenue of $119.60 million for the quarter, compared to the consensus estimate of $122.00 million. During the same period in the previous year, the business earned $0.59 EPS. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, analysts forecast that Tanger Factory Outlet Centers will post $0.77 earnings per share for the current year.

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In related news, SVP Carrie A. Geldner sold 1,800 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total transaction of $43,524.00. Following the transaction, the senior vice president now owns 53,511 shares of the company’s stock, valued at $1,293,895.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Thomas E. Mcdonough sold 10,734 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total value of $287,027.16. Following the transaction, the chief operating officer now directly owns 180,551 shares in the company, valued at approximately $4,827,933.74. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SKT. Wells Fargo & Company MN boosted its holdings in Tanger Factory Outlet Centers by 5.1% in the 1st quarter. Wells Fargo & Company MN now owns 67,126 shares of the real estate investment trust’s stock valued at $2,200,000 after purchasing an additional 3,249 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of Tanger Factory Outlet Centers by 22.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 195,481 shares of the real estate investment trust’s stock valued at $6,406,000 after acquiring an additional 35,371 shares during the period. Karp Capital Management Corp acquired a new stake in shares of Tanger Factory Outlet Centers during the 1st quarter valued at approximately $407,000. JPMorgan Chase & Co. lifted its position in shares of Tanger Factory Outlet Centers by 32.8% during the 1st quarter. JPMorgan Chase & Co. now owns 316,268 shares of the real estate investment trust’s stock valued at $10,364,000 after acquiring an additional 78,038 shares during the period. Finally, Prudential Financial Inc. lifted its position in shares of Tanger Factory Outlet Centers by 9.0% during the 1st quarter. Prudential Financial Inc. now owns 95,155 shares of the real estate investment trust’s stock valued at $3,118,000 after acquiring an additional 7,870 shares during the period. 96.82% of the stock is currently 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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