Tanger Factory Outlet Centers, Inc. (NYSE:SKT) has received an average rating of “Hold” from the five research firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating and two have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $17.17.
A number of brokerages recently weighed in on SKT. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Tuesday, November 9th. Compass Point upgraded shares of Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a report on Wednesday, November 3rd.
In related news, EVP Chad Perry sold 5,000 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Thursday, November 4th. The shares were sold at an average price of $21.28, for a total value of $106,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.20% of the stock is owned by insiders.
Several large investors have recently modified their holdings of SKT. First Trust Advisors LP lifted its position in shares of Tanger Factory Outlet Centers by 9.7% during the 1st quarter. First Trust Advisors LP now owns 222,567 shares of the real estate investment trust’s stock worth $4,669,000 after buying an additional 19,691 shares during the last quarter. Alliancebernstein L.P. increased its stake in Tanger Factory Outlet Centers by 9.7% in the 2nd quarter. Alliancebernstein L.P. now owns 186,334 shares of the real estate investment trust’s stock valued at $3,512,000 after buying an additional 16,430 shares during the period. New York State Common Retirement Fund increased its stake in Tanger Factory Outlet Centers by 8.8% in the 2nd quarter. New York State Common Retirement Fund now owns 82,988 shares of the real estate investment trust’s stock valued at $1,564,000 after buying an additional 6,688 shares during the period. Asset Management One Co. Ltd. increased its stake in Tanger Factory Outlet Centers by 7.3% in the 2nd quarter. Asset Management One Co. Ltd. now owns 178,492 shares of the real estate investment trust’s stock valued at $3,364,000 after buying an additional 12,083 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Tanger Factory Outlet Centers by 38.2% in the 2nd quarter. Victory Capital Management Inc. now owns 51,050 shares of the real estate investment trust’s stock valued at $962,000 after buying an additional 14,110 shares during the period. Institutional investors and hedge funds own 78.12% of the company’s stock.
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Shares of SKT opened at $19.23 on Friday. Tanger Factory Outlet Centers has a 1-year low of $9.62 and a 1-year high of $22.51. The stock has a market cap of $2.00 billion, a PE ratio of -384.52, a P/E/G ratio of 3.90 and a beta of 1.90. The firm has a 50-day simple moving average of $19.45 and a two-hundred day simple moving average of $18.34. The company has a debt-to-equity ratio of 2.94, a current ratio of 1.59 and a quick ratio of 1.59.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Sunday, October 31st. The real estate investment trust reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). The business had revenue of $112.47 million during the quarter, compared to analyst estimates of $92.96 million. Tanger Factory Outlet Centers had a negative net margin of 0.87% and a negative return on equity of 0.80%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. As a group, sell-side analysts expect that Tanger Factory Outlet Centers will post 1.26 earnings per share for the current fiscal year.
Tanger Factory Outlet Centers Company Profile
Tanger Factory Outlet Centers, Inc is a fully-integrated, self-administered and self-managed real estate investment trust. It focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.
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