Tanger Factory Outlet Centers (NYSE:SKT) Stock Rating Lowered by ValuEngine

ValuEngine lowered shares of Tanger Factory Outlet Centers (NYSE:SKT) from a sell rating to a strong sell rating in a research note published on Monday, April 1st, ValuEngine reports.

SKT has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Tanger Factory Outlet Centers from a hold rating to a sell rating in a report on Saturday, January 26th. Citigroup set a $23.00 price target on shares of Tanger Factory Outlet Centers and gave the stock a hold rating in a report on Tuesday, February 26th. Five research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. Tanger Factory Outlet Centers has a consensus rating of Sell and a consensus price target of $22.80.

Shares of SKT traded up $0.18 during mid-day trading on Monday, hitting $19.06. 1,362,226 shares of the company’s stock were exchanged, compared to its average volume of 1,319,838. Tanger Factory Outlet Centers has a 52 week low of $18.23 and a 52 week high of $24.91. The stock has a market capitalization of $1.78 billion, a PE ratio of 7.69, a P/E/G ratio of -3.35 and a beta of 0.77. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 3.39.

Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Wednesday, February 13th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.42). Tanger Factory Outlet Centers had a net margin of 8.76% and a return on equity of 7.88%. The firm had revenue of $124.03 million during the quarter, compared to the consensus estimate of $121.44 million. Equities research analysts predict that Tanger Factory Outlet Centers will post 2.26 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.355 per share. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.35. This represents a $1.42 annualized dividend and a dividend yield of 7.45%. Tanger Factory Outlet Centers’s payout ratio is presently 56.45%.

Several large investors have recently bought and sold shares of SKT. First Trust Advisors LP increased its holdings in Tanger Factory Outlet Centers by 16.3% during the 3rd quarter. First Trust Advisors LP now owns 42,019 shares of the real estate investment trust’s stock worth $961,000 after acquiring an additional 5,880 shares during the period. JPMorgan Chase & Co. lifted its position in Tanger Factory Outlet Centers by 112.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 168,466 shares of the real estate investment trust’s stock valued at $3,854,000 after acquiring an additional 89,081 shares during the period. Alliancebernstein L.P. grew its stake in shares of Tanger Factory Outlet Centers by 1.2% in the third quarter. Alliancebernstein L.P. now owns 183,989 shares of the real estate investment trust’s stock worth $4,210,000 after acquiring an additional 2,212 shares during the period. BlackRock Inc. boosted its holdings in shares of Tanger Factory Outlet Centers by 1.0% in the third quarter. BlackRock Inc. now owns 13,724,745 shares of the real estate investment trust’s stock worth $314,024,000 after buying an additional 138,808 shares during the last quarter. Finally, Schroder Investment Management Group lifted its holdings in Tanger Factory Outlet Centers by 77.5% during the third quarter. Schroder Investment Management Group now owns 21,620 shares of the real estate investment trust’s stock valued at $495,000 after purchasing an additional 9,443 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

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 530 different brand name companies.

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

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