Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT) from a sell rating to a hold rating in a report issued on Tuesday.

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 has been the topic of a number of other reports. BidaskClub cut Tanger Factory Outlet Centers from a hold rating to a sell rating in a report on Friday, August 18th. Boenning Scattergood set a $25.00 price objective on Tanger Factory Outlet Centers and gave the stock a sell rating in a report on Thursday, August 3rd. Citigroup Inc. decreased their price objective on Tanger Factory Outlet Centers from $27.00 to $25.00 and set a sell rating on the stock in a report on Friday, November 10th. Jefferies Group LLC reaffirmed a hold rating and set a $26.00 price objective on shares of Tanger Factory Outlet Centers in a report on Thursday, September 21st. Finally, Bank of America Corporation raised Tanger Factory Outlet Centers from an underperform rating to a neutral rating in a report on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $27.00.

Tanger Factory Outlet Centers (SKT) traded up $0.23 during midday trading on Tuesday, reaching $24.72. The company had a trading volume of 1,860,700 shares, compared to its average volume of 1,586,417. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 2.91. Tanger Factory Outlet Centers has a one year low of $21.81 and a one year high of $37.34. The stock has a market cap of $2,315.00, a PE ratio of 11.95, a PEG ratio of 3.33 and a beta of 0.47.

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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st will be issued a dividend of $0.3425 per share. The ex-dividend date is Monday, October 30th. This represents a $1.37 annualized dividend and a dividend yield of 5.54%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 220.97%.

In other news, SVP Carrie A. Geldner sold 1,800 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $24.18, for a total transaction of $43,524.00. Following the sale, the senior vice president now directly owns 53,511 shares of the company’s stock, valued at approximately $1,293,895.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKT. RMR Advisors LLC bought a new position in shares of Tanger Factory Outlet Centers during the 2nd quarter valued at approximately $114,000. Advisor Group Inc. increased its position in shares of Tanger Factory Outlet Centers by 6.5% during the 2nd quarter. Advisor Group Inc. now owns 4,968 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 303 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of Tanger Factory Outlet Centers by 164.2% during the 2nd quarter. Salem Investment Counselors Inc. now owns 4,900 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 3,045 shares during the last quarter. Capital Advisors Ltd. LLC bought a new position in shares of Tanger Factory Outlet Centers during the 3rd quarter valued at approximately $134,000. Finally, LS Investment Advisors LLC increased its position in shares of Tanger Factory Outlet Centers by 19.9% during the 2nd quarter. LS Investment Advisors LLC now owns 7,629 shares of the real estate investment trust’s stock valued at $198,000 after purchasing an additional 1,266 shares during the last quarter. 96.53% of the stock is currently owned by hedge funds and other institutional investors.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

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

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