Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $41.00 price objective on the real estate investment trust’s stock.

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 research analysts also recently weighed in on SKT. Hilliard Lyons downgraded shares of Tanger Factory Outlet Centers from a buy rating to a neutral rating in a research report on Wednesday, July 6th. Royal Bank Of Canada raised their price objective on shares of Tanger Factory Outlet Centers from $44.00 to $48.00 and gave the stock an outperform rating in a report on Monday, August 1st. RBC Capital Markets reaffirmed an outperform rating and issued a $48.00 price objective (up from $44.00) on shares of Tanger Factory Outlet Centers in a report on Monday, August 1st. Citigroup Inc. raised their price objective on shares of Tanger Factory Outlet Centers from $37.00 to $39.00 and gave the stock a neutral rating in a report on Monday, August 8th. Finally, Jefferies Group reaffirmed a hold rating on shares of Tanger Factory Outlet Centers in a report on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $40.67.

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

Tanger Factory Outlet Centers (NYSE:SKT) opened at 36.50 on Tuesday. The stock has a 50 day moving average price of $39.18 and a 200 day moving average price of $38.26. Tanger Factory Outlet Centers has a 52-week low of $29.46 and a 52-week high of $42.20. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 13.94 and a beta of 0.44.

Tanger Factory Outlet Centers (NYSE:SKT) last released its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.03. Tanger Factory Outlet Centers had a net margin of 55.84% and a return on equity of 41.28%. The firm earned $111.30 million during the quarter, compared to the consensus estimate of $107.85 million. During the same period in the prior year, the firm earned $0.51 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. Analysts anticipate that Tanger Factory Outlet Centers will post $2.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Monday, October 31st will be given a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Thursday, October 27th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is currently 49.43%.

In other news, SVP Carrie A. Geldner sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $40.47, for a total transaction of $60,705.00. Following the sale, the senior vice president now owns 50,189 shares in the company, valued at approximately $2,031,148.83. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Several hedge funds have recently bought and sold shares of SKT. Vanguard Group Inc. boosted its position in shares of Tanger Factory Outlet Centers by 2.7% in the second quarter. Vanguard Group Inc. now owns 14,450,879 shares of the real estate investment trust’s stock worth $580,637,000 after buying an additional 379,181 shares during the last quarter. State Street Corp boosted its position in shares of Tanger Factory Outlet Centers by 0.3% in the second quarter. State Street Corp now owns 9,470,696 shares of the real estate investment trust’s stock worth $380,530,000 after buying an additional 31,419 shares during the last quarter. Cohen & Steers Inc. boosted its position in shares of Tanger Factory Outlet Centers by 477.5% in the second quarter. Cohen & Steers Inc. now owns 8,620,677 shares of the real estate investment trust’s stock worth $169,051,000 after buying an additional 7,127,958 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Tanger Factory Outlet Centers by 5.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,437,598 shares of the real estate investment trust’s stock worth $161,484,000 after buying an additional 238,441 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in shares of Tanger Factory Outlet Centers by 3.4% in the second quarter. BlackRock Fund Advisors now owns 3,829,177 shares of the real estate investment trust’s stock worth $153,856,000 after buying an additional 126,243 shares during the last quarter. Hedge funds and other institutional investors own 97.10% of the company’s stock.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing, acquiring, owning, operating and managing outlet shopping centers in the United States and Canada. The Company’s consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet.

5 Day Chart for NYSE:SKT

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