Tanger Factory Outlet Centers (NYSE:SKT) Downgraded by Zacks Investment Research to Hold

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, 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 assumed coverage on shares of Tanger Factory Outlet Centers in a report 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 given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Tanger Factory Outlet Centers currently has an average rating of “Hold” and an average price target of $16.50.

SKT traded up $0.01 during mid-day trading on Wednesday, hitting $16.09. The stock had a trading volume of 1,523 shares, compared to its average volume of 950,382. The business’s fifty day simple moving average is $17.02. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.73 and a quick ratio of 1.73. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 230.18, a price-to-earnings-growth ratio of 1.11 and a beta of 1.76. Tanger Factory Outlet Centers has a 1-year low of $15.45 and a 1-year high of $22.51.

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) last posted its earnings results on Wednesday, February 16th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.03). Tanger Factory Outlet Centers had a return on equity of 1.82% and a net margin of 2.11%. During the same quarter last year, the business earned $0.54 earnings per share. As a group, analysts forecast that Tanger Factory Outlet Centers will post 1.73 earnings per share for the current year.

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 2,000 shares of the firm’s stock in a transaction 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 $791,671.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.80% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG grew its position in Tanger Factory Outlet Centers by 31.2% in the third quarter. UBS Group AG now owns 360,900 shares of the real estate investment trust’s stock valued at $5,883,000 after purchasing an additional 85,750 shares in the last quarter. GSI Capital Advisors LLC bought a new position in Tanger Factory Outlet Centers in the third quarter valued at $3,767,000. Public Sector Pension Investment Board grew its position in shares of Tanger Factory Outlet Centers by 9.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 225,496 shares of the real estate investment trust’s stock valued at $3,676,000 after acquiring an additional 19,516 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Tanger Factory Outlet Centers in the 4th quarter valued at about $413,000. Finally, Swiss National Bank grew its position in shares of Tanger Factory Outlet Centers by 8.0% in the 3rd quarter. Swiss National Bank now owns 222,700 shares of the real estate investment trust’s stock valued at $3,630,000 after acquiring an additional 16,500 shares during the period. 82.24% of the stock is owned by institutional investors and hedge funds.

About Tanger Factory Outlet Centers (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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