Tanger Factory Outlet Centers (NYSE:SKT) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Tanger Factory Outlet Centers (NYSE:SKTGet Rating) from a buy rating to a hold rating in a research report released on Thursday, Zacks.com reports.

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. “

Separately, StockNews.com started coverage on shares of Tanger Factory Outlet Centers in a research note on Thursday, March 31st. They issued a hold rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $16.50.

Shares of SKT stock opened at $17.77 on Thursday. Tanger Factory Outlet Centers has a 52-week low of $15.51 and a 52-week high of $22.51. The company has a debt-to-equity ratio of 2.74, a quick ratio of 2.63 and a current ratio of 2.63. The company has a 50-day simple moving average of $17.22 and a two-hundred day simple moving average of $18.03. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 80.78, a PEG ratio of 1.16 and a beta of 1.77.

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.21). The firm had revenue of $108.87 million during the quarter, compared to the consensus estimate of $101.62 million. Tanger Factory Outlet Centers had a return on equity of 5.04% and a net margin of 5.84%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 earnings per share. On average, sell-side analysts forecast that Tanger Factory Outlet Centers will post 1.73 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 13th. Investors of record on Friday, April 29th were paid a dividend of $0.20 per share. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date was Thursday, April 28th. Tanger Factory Outlet Centers’s dividend payout ratio is presently 363.65%.

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $17.25, for a total transaction of $34,500.00. Following the sale, the chief accounting officer now directly owns 45,894 shares in the company, valued at approximately $791,671.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Reddin sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $18.00, for a total transaction of $180,000.00. Following the sale, the director now owns 45,654 shares in the company, valued at $821,772. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co NY grew its holdings in shares of Tanger Factory Outlet Centers by 1.5% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 33,662 shares of the real estate investment trust’s stock valued at $549,000 after purchasing an additional 502 shares during the last quarter. State of Tennessee Treasury Department grew its holdings in shares of Tanger Factory Outlet Centers by 1.1% during the 4th quarter. State of Tennessee Treasury Department now owns 58,755 shares of the real estate investment trust’s stock valued at $1,133,000 after purchasing an additional 659 shares during the last quarter. Virginia Retirement Systems ET AL grew its holdings in shares of Tanger Factory Outlet Centers by 0.4% during the 1st quarter. Virginia Retirement Systems ET AL now owns 196,800 shares of the real estate investment trust’s stock valued at $3,383,000 after purchasing an additional 700 shares during the last quarter. Tompkins Financial Corp grew its holdings in shares of Tanger Factory Outlet Centers by 87.5% during the 1st quarter. Tompkins Financial Corp now owns 1,500 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 700 shares during the last quarter. Finally, abrdn plc grew its holdings in shares of Tanger Factory Outlet Centers by 3.2% during the 1st quarter. abrdn plc now owns 22,696 shares of the real estate investment trust’s stock valued at $397,000 after purchasing an additional 713 shares during the last quarter. Institutional investors and hedge funds own 82.24% of the company’s stock.

Tanger Factory Outlet Centers Company Profile (Get Rating)

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies.

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