Tanger Factory Outlet Centers Inc. (SKT) Given Consensus Recommendation of “Hold” by Brokerages
Tanger Factory Outlet Centers Inc. (NYSE:SKT) has been given an average recommendation of “Hold” by the ten analysts that are currently covering the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $41.38.
SKT has been the topic of a number of research reports. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Thursday, July 21st. Hilliard Lyons upgraded Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a report on Thursday, August 25th. Jefferies Group restated a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Wednesday, August 31st. Goldman Sachs Group Inc. lowered Tanger Factory Outlet Centers from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $44.00 to $40.00 in a report on Wednesday, October 26th. Finally, Citigroup Inc. raised their price objective on Tanger Factory Outlet Centers from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Monday, August 8th.
In other Tanger Factory Outlet Centers news, Director Jeffrey B. Citrin acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was purchased at an average cost of $34.40 per share, with a total value of $34,400.00. Following the transaction, the director now owns 14,862 shares of the company’s stock, valued at $511,252.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Lisa J. Morrison sold 4,500 shares of the firm’s stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $33.89, for a total value of $152,505.00. Following the sale, the vice president now directly owns 34,404 shares of the company’s stock, valued at $1,165,951.56. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Cohen & Steers Inc. increased its stake 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. Emerald Acquisition Ltd. purchased a new position in shares of Tanger Factory Outlet Centers during the second quarter worth approximately $70,002,000. Massachusetts Financial Services Co. MA boosted its position in shares of Tanger Factory Outlet Centers by 94.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,196,074 shares of the real estate investment trust’s stock worth $128,419,000 after buying an additional 1,552,161 shares during the period. FMR LLC purchased a new position in shares of Tanger Factory Outlet Centers during the second quarter worth approximately $30,625,000. Finally, LSV Asset Management purchased a new position in shares of Tanger Factory Outlet Centers during the third quarter worth approximately $22,199,000. 97.76% of the stock is owned by hedge funds and other institutional investors.
Shares of Tanger Factory Outlet Centers (NYSE:SKT) opened at 34.67 on Friday. The stock’s 50 day moving average is $36.34 and its 200-day moving average is $38.06. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 12.05 and a beta of 0.42. Tanger Factory Outlet Centers has a 52 week low of $29.46 and a 52 week high of $42.20.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Tuesday, October 25th. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. Tanger Factory Outlet Centers had a return on equity of 42.50% and a net margin of 60.55%. The firm had revenue of $119.10 million for the quarter, compared to analyst estimates of $114.41 million. During the same quarter last year, the firm posted $0.59 EPS. The business’s revenue was up 5.5% on a year-over-year basis. On average, analysts anticipate that Tanger Factory Outlet Centers will post $2.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Monday, October 31st were given a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date was Thursday, October 27th. Tanger Factory Outlet Centers’s payout ratio is 44.98%.
About Tanger Factory Outlet Centers
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.
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