Tanger Factory Outlet Centers, Inc. (SKT) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) from a hold rating to a sell rating in a research report released on Thursday morning.

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. “

A number of other equities analysts have also weighed in on SKT. Jefferies Group LLC lowered shares of Tanger Factory Outlet Centers from a buy rating to a hold rating and reduced their target price for the stock from $38.00 to $29.00 in a research note on Friday, June 16th. Bank of America Corporation lowered shares of Tanger Factory Outlet Centers from a neutral rating to an underperform rating and reduced their target price for the stock from $28.00 to $25.50 in a research note on Friday, June 23rd. BidaskClub raised shares of Tanger Factory Outlet Centers from a strong sell rating to a sell rating in a research note on Thursday, June 29th. Boenning Scattergood set a $25.00 target price on shares of Tanger Factory Outlet Centers and gave the stock a sell rating in a research note on Thursday, August 3rd. Finally, KeyCorp reaffirmed a hold rating on shares of Tanger Factory Outlet Centers in a research note on Friday, August 25th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Tanger Factory Outlet Centers presently has a consensus rating of Hold and a consensus target price of $30.50.

Tanger Factory Outlet Centers (NYSE SKT) traded down 0.12% during mid-day trading on Thursday, reaching $25.18. The company had a trading volume of 50,433 shares. The firm’s 50-day moving average price is $24.50 and its 200-day moving average price is $26.81. Tanger Factory Outlet Centers has a 12 month low of $23.06 and a 12 month high of $37.34. The stock has a market cap of $2.39 billion, a PE ratio of 16.72 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 Zacks’ consensus estimate of $0.58 by $0.01. The firm had revenue of $119.60 million during the quarter, compared to analyst estimates of $122.00 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. Equities research analysts forecast that Tanger Factory Outlet Centers will post $0.77 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st will be paid a dividend of $0.3425 per share. The ex-dividend date is Monday, October 30th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.43%. Tanger Factory Outlet Centers’s dividend payout ratio is 90.73%.

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

Institutional investors have recently bought and sold shares of the company. RMR Advisors LLC acquired a new position in shares of Tanger Factory Outlet Centers during the 2nd quarter worth about $114,000. Salem Investment Counselors Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 164.2% during the 2nd quarter. Salem Investment Counselors Inc. now owns 4,900 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 3,045 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 6.5% during the 2nd quarter. Advisor Group Inc. now owns 4,968 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 303 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 9.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,513 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 649 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its stake in shares of Tanger Factory Outlet Centers by 19.9% during the 2nd quarter. LS Investment Advisors LLC now owns 7,629 shares of the real estate investment trust’s stock worth $198,000 after buying an additional 1,266 shares during the last quarter. Institutional investors own 95.70% 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.

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