Recent Analysts’ Ratings Updates for Tanger Factory Outlet Centers (SKT)

Posted by on Jun 10th, 2022

Several brokerages have updated their recommendations and price targets on shares of Tanger Factory Outlet Centers (NYSE: SKT) in the last few weeks:

  • 6/3/2022 – Tanger Factory Outlet Centers was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 5/31/2022 – Tanger Factory Outlet Centers was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $19.00 price target on the 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. “
  • 5/26/2022 – Tanger Factory Outlet Centers was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 5/24/2022 – Tanger Factory Outlet Centers was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $18.00 price target on the 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. “
  • 5/4/2022 – Tanger Factory Outlet Centers was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “

SKT opened at $16.08 on Friday. The stock has a market capitalization of $1.68 billion, a PE ratio of 73.09, a P/E/G ratio of 1.19 and a beta of 1.76. The firm’s fifty day moving average price is $17.22 and its 200 day moving average price is $17.82. The company has a debt-to-equity ratio of 2.74, a current ratio of 2.63 and a quick ratio of 2.63. Tanger Factory Outlet Centers, Inc. has a 12-month low of $15.51 and a 12-month high of $22.51.

Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last posted its quarterly earnings results on Thursday, May 5th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.21). The company had revenue of $108.87 million during the quarter, compared to analyst estimates of $101.62 million. Tanger Factory Outlet Centers had a net margin of 5.84% and a return on equity of 5.04%. The company’s revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 earnings per share. On average, equities research analysts forecast that Tanger Factory Outlet Centers, Inc. will post 1.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Friday, April 29th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.98%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, April 28th. Tanger Factory Outlet Centers’s dividend payout ratio is 363.65%.

In other Tanger Factory Outlet Centers news, Director Thomas Reddin sold 10,000 shares of Tanger Factory Outlet Centers stock in a transaction on Monday, May 16th. The stock was sold at an average price of $18.00, for a total transaction of $180,000.00. Following the completion of the transaction, the director now directly owns 45,654 shares of the company’s stock, valued at $821,772. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the stock. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Tanger Factory Outlet Centers during the 1st quarter worth about $308,000. Point72 Hong Kong Ltd acquired a new position in shares of Tanger Factory Outlet Centers during the 1st quarter worth about $74,000. State Street Corp grew its position in shares of Tanger Factory Outlet Centers by 12.6% during the 1st quarter. State Street Corp now owns 6,252,459 shares of the real estate investment trust’s stock worth $107,480,000 after buying an additional 700,755 shares during the period. Samalin Investment Counsel LLC grew its position in shares of Tanger Factory Outlet Centers by 18.7% during the 1st quarter. Samalin Investment Counsel LLC now owns 6,746 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 1,065 shares during the period. Finally, Waterfront Capital Partners LLC acquired a new position in shares of Tanger Factory Outlet Centers during the 1st quarter worth about $20,913,000. Hedge funds and other institutional investors own 82.24% of the company’s stock.

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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