Tanger Factory Outlet Centers (SKT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers (NYSE:SKT) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. The brokerage currently has $26.00 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 brokerages have also issued reports on SKT. Citigroup boosted their price target on shares of Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the stock a neutral rating in a research note on Thursday, August 16th. ValuEngine upgraded shares of Tanger Factory Outlet Centers from a strong sell rating to a sell rating in a research note on Saturday, September 1st. Finally, Scotiabank began coverage on shares of Tanger Factory Outlet Centers in a research note on Tuesday, October 16th. They set an underperform rating on the stock. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $22.88.

Shares of NYSE:SKT opened at $23.23 on Thursday. Tanger Factory Outlet Centers has a one year low of $19.86 and a one year high of $26.73. The company has a debt-to-equity ratio of 3.33, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a market capitalization of $2.18 billion, a PE ratio of 9.44, a price-to-earnings-growth ratio of 1.88 and a beta of 0.42.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. The business had revenue of $124.24 million during the quarter, compared to analysts’ expectations of $119.47 million. During the same period in the prior year, the company earned $0.63 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts predict that Tanger Factory Outlet Centers will post 2.44 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.03%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 56.91%.

In other Tanger Factory Outlet Centers news, VP Lisa J. Morrison sold 8,500 shares of the company’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $23.89, for a total transaction of $203,065.00. Following the transaction, the vice president now directly owns 41,167 shares in the company, valued at $983,479.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Carrie A. Warren sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $24.14, for a total transaction of $48,280.00. Following the transaction, the senior vice president now owns 53,501 shares in the company, valued at $1,291,514.14. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of SKT. BlackRock Inc. grew its position in Tanger Factory Outlet Centers by 23.8% during the second quarter. BlackRock Inc. now owns 13,585,937 shares of the real estate investment trust’s stock worth $319,133,000 after buying an additional 2,610,355 shares during the period. Northern Trust Corp grew its position in Tanger Factory Outlet Centers by 53.4% during the second quarter. Northern Trust Corp now owns 1,945,986 shares of the real estate investment trust’s stock worth $45,711,000 after buying an additional 677,250 shares during the period. American Century Companies Inc. acquired a new position in Tanger Factory Outlet Centers during the second quarter worth about $8,488,000. Mackenzie Financial Corp acquired a new position in Tanger Factory Outlet Centers during the third quarter worth about $7,811,000. Finally, Schwab Charles Investment Management Inc. grew its position in Tanger Factory Outlet Centers by 24.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,354,340 shares of the real estate investment trust’s stock worth $31,814,000 after buying an additional 268,103 shares during the period. Institutional investors own 99.86% of the company’s stock.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 510 different brand name companies.

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