Shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) dropped 0.2% on Friday . The company traded as low as $40.64 and last traded at $40.66, with a volume of 425,679 shares changing hands. The stock had previously closed at $40.75.

SKT has been the subject of a number of research reports. Vetr raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $37.78 price target for the company in a report on Thursday, April 21st. Evercore ISI raised their price target on shares of Tanger Factory Outlet Centers from $35.00 to $36.00 and gave the company a “hold” rating in a report on Monday, March 21st. Citigroup Inc. lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “neutral” rating and raised their price target for the company from $34.00 to $35.00 in a report on Monday, April 4th. Zacks Investment Research raised shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Wednesday, April 13th. Finally, Goldman Sachs Group Inc. reissued a “buy” rating on shares of Tanger Factory Outlet Centers in a report on Saturday, April 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.52.

The firm has a market cap of $3.90 billion and a PE ratio of 19.36. The stock’s 50-day moving average price is $37.26 and its 200 day moving average price is $34.80.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by $0.01. The firm had revenue of $110.80 million for the quarter, compared to the consensus estimate of $112.46 million. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. Equities analysts predict that Tanger Factory Outlet Centers Inc. will post $2.32 EPS for the current year.

In other news, CEO Steven B. Tanger sold 85,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $35.79, for a total transaction of $3,042,150.00. Following the completion of the sale, the chief executive officer now owns 882,528 shares of the company’s stock, valued at approximately $31,585,677.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Carrie A. Geldner sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $35.71, for a total transaction of $53,565.00. Following the sale, the chief marketing officer now directly owns 51,689 shares of the company’s stock, valued at approximately $1,845,814.19. The disclosure for this sale can be found here.

Several hedge funds have recently modified their holdings of SKT. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Tanger Factory Outlet Centers by 85.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 103,167 shares of the real estate investment trust’s stock worth $3,374,000 after buying an additional 47,664 shares during the period. Edge Asset Management Inc. increased its stake in shares of Tanger Factory Outlet Centers by 5.3% in the fourth quarter. Edge Asset Management Inc. now owns 153,744 shares of the real estate investment trust’s stock worth $5,027,000 after buying an additional 7,671 shares during the period. Morgan Stanley increased its stake in shares of Tanger Factory Outlet Centers by 3.5% in the fourth quarter. Morgan Stanley now owns 6,533,824 shares of the real estate investment trust’s stock worth $213,656,000 after buying an additional 223,185 shares during the period. Liberty Mutual Group Asset Management Inc. increased its stake in shares of Tanger Factory Outlet Centers by 44.2% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 58,787 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 18,009 shares during the period. Finally, SECOR Capital Advisors LP purchased a new stake in shares of Tanger Factory Outlet Centers during the fourth quarter worth $1,385,000.

Tanger Factory Outlet Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing, acquiring, owning, operating and managing outlet shopping centers in the United States and Canada. The Company’s consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet.

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