Citigroup Inc. Cuts Tanger Factory Outlet Centers, Inc. (SKT) Price Target to $25.00

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) had its target price decreased by Citigroup Inc. from $27.00 to $25.00 in a research report sent to investors on Friday. Citigroup Inc. currently has a sell rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the stock. BidaskClub upgraded shares of Tanger Factory Outlet Centers from a sell rating to a hold rating in a research report on Friday, August 4th. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a sell rating to a hold rating in a report on Saturday, July 15th. Boenning Scattergood set a $25.00 price target on shares of Tanger Factory Outlet Centers and gave the company a sell rating in a report on Thursday, August 3rd. Bank of America Corporation upgraded shares of Tanger Factory Outlet Centers from an underperform rating to a neutral rating in a report on Thursday. Finally, KeyCorp reiterated a hold rating on shares of Tanger Factory Outlet Centers in a report on Friday, August 25th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $27.00.

Shares of Tanger Factory Outlet Centers (SKT) traded up $0.52 during midday trading on Friday, reaching $24.27. 2,006,000 shares of the company were exchanged, compared to its average volume of 1,582,592. Tanger Factory Outlet Centers has a 1 year low of $21.81 and a 1 year high of $37.34. The firm has a market capitalization of $2,300.00, a price-to-earnings ratio of 11.84, a P/E/G ratio of 3.30 and a beta of 0.47. The company has a debt-to-equity ratio of 2.91, a quick ratio of 0.10 and a current ratio of 0.10.

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The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be paid a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a yield of 5.64%. The ex-dividend date is Monday, October 30th. 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 business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $24.18, for a total value of $43,524.00. Following the completion of the sale, the senior vice president now owns 53,511 shares of the company’s stock, valued at approximately $1,293,895.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Inc. boosted its holdings in shares of Tanger Factory Outlet Centers by 6.5% in the 2nd quarter. Advisor Group Inc. now owns 4,968 shares of the real estate investment trust’s stock valued at $116,000 after buying an additional 303 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Tanger Factory Outlet Centers by 3.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,105 shares of the real estate investment trust’s stock valued at $331,000 after buying an additional 344 shares during the period. BB&T Securities LLC boosted its holdings in shares of Tanger Factory Outlet Centers by 6.2% in the 2nd quarter. BB&T Securities LLC now owns 8,575 shares of the real estate investment trust’s stock valued at $222,000 after buying an additional 501 shares during the period. Utah Retirement Systems boosted its holdings in shares of Tanger Factory Outlet Centers by 2.8% in the 2nd quarter. Utah Retirement Systems now owns 21,773 shares of the real estate investment trust’s stock valued at $566,000 after buying an additional 588 shares during the period. Finally, State Treasurer State of Michigan boosted its holdings in shares of Tanger Factory Outlet Centers by 1.8% in the 2nd quarter. State Treasurer State of Michigan now owns 39,800 shares of the real estate investment trust’s stock valued at $1,034,000 after buying an additional 700 shares during the period. 96.53% of the stock is owned by institutional investors and hedge funds.

Tanger Factory Outlet Centers Company Profile

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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