Tanger Factory Outlet Centers (NYSE:SKT) PT Lowered to $21.00

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) had its price objective dropped by stock analysts at Compass Point from $23.00 to $21.00 in a report released on Wednesday, The Fly reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Compass Point’s price target indicates a potential upside of 47.06% from the stock’s current price.

Separately, StockNews.com assumed coverage on shares of Tanger Factory Outlet Centers in a research note on Thursday, March 31st. They issued a “hold” rating for the company.

Shares of NYSE SKT opened at $14.28 on Wednesday. The company has a debt-to-equity ratio of 2.74, a current ratio of 2.63 and a quick ratio of 2.63. The company has a market cap of $1.49 billion, a P/E ratio of 64.91, a PEG ratio of 0.99 and a beta of 1.76. Tanger Factory Outlet Centers has a 1 year low of $13.77 and a 1 year high of $22.51. The firm has a 50-day simple moving average of $16.65 and a two-hundred day simple moving average of $17.40.

Tanger Factory Outlet Centers (NYSE:SKTGet Rating) last announced its quarterly earnings data 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 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 firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS. As a group, equities research analysts expect that Tanger Factory Outlet Centers will post 1.75 EPS for the current year.

In other news, Director Thomas Reddin sold 10,000 shares of the firm’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 transaction, the director now directly owns 45,654 shares of the company’s stock, valued at $821,772. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.20% of the company’s stock.

Large investors have recently modified their holdings of the company. Tompkins Financial Corp increased its position in shares of Tanger Factory Outlet Centers by 87.5% during the first quarter. Tompkins Financial Corp now owns 1,500 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 700 shares during the period. Cyrus J. Lawrence LLC purchased a new position in Tanger Factory Outlet Centers during the first quarter valued at approximately $28,000. Baldwin Brothers LLC MA purchased a new position in Tanger Factory Outlet Centers during the first quarter valued at approximately $34,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Tanger Factory Outlet Centers by 299.8% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,175 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 1,631 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new position in Tanger Factory Outlet Centers during the first quarter valued at approximately $74,000. 82.24% of the stock is currently owned by institutional investors and hedge funds.

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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