Tanger Factory Outlet Centers (NYSE:SKT) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Several other research firms have also recently weighed in on SKT. Citigroup upped their price objective on Tanger Factory Outlet Centers from $21.00 to $22.50 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Finally, Scotiabank assumed coverage on Tanger Factory Outlet Centers in a research report on Tuesday, October 16th. They set an “underperform” rating for the company. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Tanger Factory Outlet Centers presently has an average rating of “Hold” and an average price target of $22.88.

Shares of SKT stock traded up $0.82 on Thursday, hitting $24.19. 1,806,100 shares of the stock were exchanged, compared to its average volume of 1,449,269. The company has a debt-to-equity ratio of 3.33, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a market capitalization of $2.19 billion, a P/E ratio of 9.83, a P/E/G ratio of 1.87 and a beta of 0.46. Tanger Factory Outlet Centers has a fifty-two week low of $19.86 and a fifty-two week high of $26.73.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. The company had revenue of $124.24 million during the quarter, compared to analysts’ expectations of $119.47 million. Tanger Factory Outlet Centers had a return on equity of 9.57% and a net margin of 11.16%. Tanger Factory Outlet Centers’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. Equities analysts expect that Tanger Factory Outlet Centers will post 2.45 EPS for the current year.

In related news, VP Lisa J. Morrison sold 8,500 shares of the company’s stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $23.89, for a total transaction of $203,065.00. Following the sale, the vice president now owns 41,167 shares in the company, valued at $983,479.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Carrie A. Warren sold 1,596 shares of the company’s stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $23.34, for a total value of $37,250.64. Following the sale, the senior vice president now owns 51,905 shares in the company, valued at approximately $1,211,462.70. The disclosure for this sale can be found here. Insiders have sold 16,146 shares of company stock valued at $382,352 over the last ninety days. 2.10% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKT. BlackRock Inc. raised its holdings in Tanger Factory Outlet Centers by 23.8% during the second quarter. BlackRock Inc. now owns 13,585,937 shares of the real estate investment trust’s stock worth $319,133,000 after acquiring an additional 2,610,355 shares in the last quarter. Northern Trust Corp raised its holdings in Tanger Factory Outlet Centers by 53.4% during the second quarter. Northern Trust Corp now owns 1,945,986 shares of the real estate investment trust’s stock worth $45,711,000 after acquiring an additional 677,250 shares in the last quarter. American Century Companies Inc. bought a new stake in Tanger Factory Outlet Centers during the second quarter worth about $8,488,000. Mackenzie Financial Corp bought a new stake in Tanger Factory Outlet Centers during the third quarter worth about $7,811,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in Tanger Factory Outlet Centers by 24.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,354,340 shares of the real estate investment trust’s stock worth $31,814,000 after acquiring an additional 268,103 shares in the last quarter. Institutional investors and hedge funds own 99.14% of the company’s stock.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 510 different brand name companies.

Read More: What factors cause inflation to rise?

To view ValuEngine’s full report, visit ValuEngine’s official website.

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

Receive News & Ratings for Tanger Factory Outlet Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers and related companies with MarketBeat.com's FREE daily email newsletter.