Todays Report: The Goldman Sachs Group Inc. Downgraded Tanger Factory Outlet Centers Inc. (SKT) to Neutral

The Goldman Sachs Group Inc. Downgraded Tanger Factory Outlet Centers Inc. (SKT) to Neutral

Goldman Sachs Group Inc. lowered shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning. The firm currently has $40.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $44.00.

Several other brokerages also recently weighed in on SKT. Royal Bank Of Canada boosted their price objective on shares of Tanger Factory Outlet Centers from $44.00 to $48.00 and gave the stock an outperform rating in a research report on Monday, August 1st. RBC Capital Markets restated an outperform rating and set a $48.00 price objective (up previously from $44.00) on shares of Tanger Factory Outlet Centers in a research report on Monday, August 1st. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Thursday, July 21st. Hilliard Lyons downgraded shares of Tanger Factory Outlet Centers from a buy rating to a neutral rating in a research report on Wednesday, July 6th. Finally, Jefferies Group restated a hold rating on shares of Tanger Factory Outlet Centers in a research report on Wednesday, August 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $40.58.

Tanger Factory Outlet Centers (NYSE:SKT) opened at 34.31 on Wednesday. The firm has a 50-day moving average of $37.68 and a 200-day moving average of $38.25. The company has a market capitalization of $3.26 billion, a P/E ratio of 11.93 and a beta of 0.44. Tanger Factory Outlet Centers has a 52 week low of $29.46 and a 52 week high of $42.20.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings data on Tuesday, October 25th. The real estate investment trust reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. The business earned $119.10 million during the quarter, compared to the consensus estimate of $114.41 million. Tanger Factory Outlet Centers had a net margin of 60.55% and a return on equity of 42.50%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 EPS. Analysts anticipate that Tanger Factory Outlet Centers will post $2.36 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 31st will be paid a $0.325 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.30 annualized dividend and a yield of 3.79%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 44.98%.

In other Tanger Factory Outlet Centers news, Director William G. Benton sold 1,500 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $40.58, for a total value of $60,870.00. Following the transaction, the director now directly owns 73,387 shares of the company’s stock, valued at approximately $2,978,044.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in SKT. Independent Portfolio Consultants Inc. boosted its position in shares of Tanger Factory Outlet Centers by 27.8% in the third quarter. Independent Portfolio Consultants Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $101,000 after buying an additional 565 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Tanger Factory Outlet Centers by 1,586.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,372 shares of the real estate investment trust’s stock worth $135,000 after buying an additional 3,172 shares during the period. Westport Resources Management Inc. bought a new position in Tanger Factory Outlet Centers during the second quarter worth $137,000. Advisor Group Inc. bought a new position in Tanger Factory Outlet Centers during the second quarter worth $182,000. Finally, Pecaut & CO. bought a new position in Tanger Factory Outlet Centers during the second quarter worth $201,000. 98.29% of the stock is currently owned by institutional investors.

Tanger Factory Outlet Centers Company Profile

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