Boenning Scattergood set a $25.00 target price on Tanger Factory Outlet Centers, Inc. (NYSE:SKT) in a research note released on Thursday. The brokerage currently has a sell rating on the real estate investment trust’s stock.

SKT has been the subject of several other research reports. Jefferies Group LLC lowered Tanger Factory Outlet Centers from a buy rating to a hold rating and decreased their target price for the stock from $38.00 to $29.00 in a research report on Friday, June 16th. Zacks Investment Research lowered Tanger Factory Outlet Centers from a hold rating to a sell rating in a research report on Wednesday, May 17th. Bank of America Corporation lowered Tanger Factory Outlet Centers from a neutral rating to an underperform rating and decreased their target price for the stock from $28.00 to $25.50 in a research report on Friday, June 23rd. BidaskClub upgraded Tanger Factory Outlet Centers from a strong sell rating to a sell rating in a research report on Thursday, June 29th. Finally, ValuEngine lowered Tanger Factory Outlet Centers from a buy rating to a hold rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $32.43.

Tanger Factory Outlet Centers (SKT) traded up 1.07% during midday trading on Thursday, hitting $26.47. The stock had a trading volume of 1,288,423 shares. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 17.53 and a beta of 0.46. The company has a 50-day moving average price of $26.42 and a 200-day moving average price of $30.10. Tanger Factory Outlet Centers has a 12-month low of $24.71 and a 12-month high of $41.29.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 EPS for the quarter, topping the consensus estimate of $0.58 by $0.01. The company had revenue of $119.60 million during the quarter, compared to analyst estimates of $122 million. Tanger Factory Outlet Centers had a return on equity of 20.75% and a net margin of 29.65%. The business’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 EPS. Equities analysts anticipate that Tanger Factory Outlet Centers will post $1.02 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: “Tanger Factory Outlet Centers, Inc. (NYSE:SKT) PT Set at $25.00 by Boenning Scattergood” was first published by Daily Political and is owned by of Daily Political. If you are accessing this piece of content on another domain, it was stolen and republished in violation of U.S. and international copyright and trademark law. The correct version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/06/tanger-factory-outlet-centers-inc-nyseskt-pt-set-at-25-00-by-boenning-scattergood.html.

Tanger Factory Outlet Centers declared that its board has initiated a share buyback plan on Friday, May 19th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 54% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be given a dividend of $0.3425 per share. The ex-dividend date is Thursday, July 27th. This represents a $1.37 dividend on an annualized basis and a yield of 5.18%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 90.73%.

In related news, EVP Chad Perry sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $27.57, for a total transaction of $220,560.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Also, COO Thomas E. Mcdonough sold 10,734 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $26.74, for a total value of $287,027.16. Following the transaction, the chief operating officer now owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in Tanger Factory Outlet Centers by 10.2% in the fourth quarter. Teachers Advisors LLC now owns 173,883 shares of the real estate investment trust’s stock worth $6,222,000 after buying an additional 16,075 shares in the last quarter. Macquarie Group Ltd. raised its position in Tanger Factory Outlet Centers by 7.1% in the fourth quarter. Macquarie Group Ltd. now owns 42,883 shares of the real estate investment trust’s stock worth $1,534,000 after buying an additional 2,825 shares in the last quarter. Pensionfund Sabic raised its position in Tanger Factory Outlet Centers by 8.2% in the first quarter. Pensionfund Sabic now owns 26,500 shares of the real estate investment trust’s stock worth $868,000 after buying an additional 2,000 shares in the last quarter. Creative Planning raised its position in Tanger Factory Outlet Centers by 6.8% in the first quarter. Creative Planning now owns 11,775 shares of the real estate investment trust’s stock worth $386,000 after buying an additional 752 shares in the last quarter. Finally, Capstone Asset Management Co. raised its position in Tanger Factory Outlet Centers by 28.6% in the first quarter. Capstone Asset Management Co. now owns 9,636 shares of the real estate investment trust’s stock worth $316,000 after buying an additional 2,145 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

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)

Receive News & Ratings for Tanger Factory Outlet Centers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.