Tanger Factory Outlet Centers (NYSE:SKT) was upgraded by equities researchers at ValuEngine from a “strong sell” rating to a “sell” rating in a research note issued to investors on Thursday.

Other equities analysts have also issued research reports about the stock. Citigroup boosted their price target on shares of Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the company a “neutral” rating in a report on Thursday, August 16th. Scotiabank began coverage on shares of Tanger Factory Outlet Centers in a report on Tuesday, October 16th. They issued an “underperform” rating for the company. Finally, Zacks Investment Research lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Wednesday. Four research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.88.

SKT opened at $24.36 on Thursday. The company has a debt-to-equity ratio of 3.33, a current ratio of 0.06 and a quick ratio of 0.06. Tanger Factory Outlet Centers has a 52 week low of $19.86 and a 52 week high of $26.73. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 9.90, a price-to-earnings-growth ratio of 1.87 and a beta of 0.46.

Tanger Factory Outlet Centers (NYSE:SKT) last released its earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. The firm had revenue of $124.24 million during the quarter, compared to analyst estimates of $119.47 million. During the same quarter in the previous year, the business earned $0.63 EPS. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities analysts expect that Tanger Factory Outlet Centers will post 2.45 EPS for the current year.

In other news, SVP Carrie A. Warren sold 1,596 shares of the business’s stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $23.34, for a total value of $37,250.64. Following the completion of the transaction, the senior vice president now owns 51,905 shares of the company’s stock, valued at approximately $1,211,462.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Lisa J. Morrison sold 8,500 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $23.89, for a total transaction of $203,065.00. Following the completion of the transaction, the vice president now directly owns 41,167 shares of the company’s stock, valued at approximately $983,479.63. The disclosure for this sale can be found here. Insiders sold a total of 16,146 shares of company stock valued at $382,352 in the last three months. 2.10% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Tanger Factory Outlet Centers by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 14,048,190 shares of the real estate investment trust’s stock valued at $321,422,000 after acquiring an additional 64,251 shares in the last quarter. Griffin Asset Management Inc. bought a new stake in Tanger Factory Outlet Centers in the 3rd quarter valued at $490,000. Nordea Investment Management AB bought a new stake in Tanger Factory Outlet Centers in the 3rd quarter valued at $4,363,000. Teachers Advisors LLC lifted its position in Tanger Factory Outlet Centers by 3.4% in the 3rd quarter. Teachers Advisors LLC now owns 178,331 shares of the real estate investment trust’s stock valued at $4,080,000 after acquiring an additional 5,833 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its position in Tanger Factory Outlet Centers by 29.4% in the 3rd quarter. Macquarie Group Ltd. now owns 46,250 shares of the real estate investment trust’s stock valued at $1,058,000 after acquiring an additional 10,500 shares in the last quarter. 99.14% of the stock is owned by institutional investors.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 510 different brand name companies.

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

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