Zacks Investment Research Upgrades Tanger Factory Outlet Centers, Inc. (SKT) to “Hold”

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, October 18th.

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 analysts have also weighed in on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $26.00 price target on shares of Tanger Factory Outlet Centers in a research note on Thursday, September 21st. BidaskClub raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. KeyCorp reissued a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Friday, August 25th. Boenning Scattergood set a $25.00 price objective on Tanger Factory Outlet Centers and gave the company a “sell” rating in a report on Thursday, August 3rd. Finally, Bank of America Corporation downgraded Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $28.00 to $25.50 in a report on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.60.

Tanger Factory Outlet Centers (NYSE:SKT) traded down $0.25 during midday trading on Wednesday, reaching $22.21. 2,014,645 shares of the company’s stock were exchanged, compared to its average volume of 1,700,000. Tanger Factory Outlet Centers has a 52 week low of $21.81 and a 52 week high of $37.34. The company has a debt-to-equity ratio of 2.62, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $2,100.00, a PE ratio of 9.36, a P/E/G ratio of 2.61 and a beta of 0.47.

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In related news, SVP Carrie A. Geldner sold 1,800 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $24.18, for a total value 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 Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of Tanger Factory Outlet Centers by 4.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,556,803 shares of the real estate investment trust’s stock valued at $62,437,000 after purchasing an additional 115,480 shares in the last quarter. Telemus Capital LLC purchased a new position in shares of Tanger Factory Outlet Centers during the 3rd quarter valued at $244,000. Principal Financial Group Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 29.5% during the 3rd quarter. Principal Financial Group Inc. now owns 5,110,454 shares of the real estate investment trust’s stock worth $124,797,000 after acquiring an additional 1,163,429 shares during the last quarter. Smith Salley & Associates lifted its holdings in shares of Tanger Factory Outlet Centers by 2.4% during the 3rd quarter. Smith Salley & Associates now owns 154,908 shares of the real estate investment trust’s stock worth $3,783,000 after acquiring an additional 3,606 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 22.5% during the 3rd quarter. Prudential Financial Inc. now owns 163,555 shares of the real estate investment trust’s stock worth $3,994,000 after acquiring an additional 30,020 shares during the last quarter. Hedge funds and other institutional investors own 96.91% 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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