Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was upgraded by investment analysts at Boenning Scattergood from an “under perform” rating to a “neutral” rating in a report released on Friday, Marketbeat Ratings reports.

Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 target price on shares of Tanger Factory Outlet Centers in a report on Thursday, September 21st. KeyCorp reaffirmed a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Friday, August 25th. Finally, Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Saturday, July 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $28.60.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The business had revenue of $119.60 million for 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%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share.

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In other news, SVP Carrie A. Geldner sold 1,800 shares of the firm’s 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 transaction, the senior vice president now directly owns 53,511 shares in the company, valued at $1,293,895.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.80% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of Tanger Factory Outlet Centers by 22.1% during the second quarter. Bank of New York Mellon Corp now owns 2,441,323 shares of the real estate investment trust’s stock worth $63,426,000 after acquiring an additional 441,736 shares during the last quarter. Goodwin Daniel L acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth $317,000. State Street Corp lifted its holdings in shares of Tanger Factory Outlet Centers by 11.2% during the second quarter. State Street Corp now owns 11,298,397 shares of the real estate investment trust’s stock worth $293,533,000 after purchasing an additional 1,140,291 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 4.7% during the second quarter. Advisors Asset Management Inc. now owns 44,673 shares of the real estate investment trust’s stock worth $1,161,000 after purchasing an additional 2,014 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 199.1% during the second quarter. Principal Financial Group Inc. now owns 3,947,025 shares of the real estate investment trust’s stock worth $102,543,000 after purchasing an additional 2,627,566 shares during the period. Institutional investors and hedge funds own 97.21% 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.

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

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