Tanger Factory Outlet Centers (NYSE:SKT) was downgraded by equities research analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, StockRatingsNetwork reports. They currently have a $36.00 price target on the stock, down from their previous price target of $41.00. Bank of America Corp.’s target price suggests a potential upside of 11.49% from the company’s current price.
The analysts wrote, “We are downgrading Tanger Factory Outlet Centers (SKT) from Buy to Neutral and lowering our price objective to $36 from $41. The lower PO is primarily due to an increase in SKT’s cap rate from 6.0% to 6.4%, which we believe better reflects the pricing of outlet centers below $400/psf. SKT’s sales psf ratio is up +2.3% for the past 12 months, which is below the regional mall average of +4.6%. While we don’t foresee any major near term negative catalysts, the stock is a Neutral within our coverage universe based on a total potential return of 15.2% (as of 8/8/13).”
A number of other analysts have also recently weighed in on SKT. Analysts at Stifel Nicolaus upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating in a research note to investors on Wednesday. They now have a $36.00 price target on the stock. Separately, analysts at Goldman Sachs Group Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research note to investors on Wednesday, June 19th. They now have a $39.00 price target on the stock, up previously from $34.50. Finally, analysts at Jefferies Group reiterated a “buy” rating on shares of Tanger Factory Outlet Centers in a research note to investors on Tuesday, June 11th. They now have a $40.00 price target on the stock, down previously from $43.00.
One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $38.58.
Tanger Factory Outlet Centers (NYSE:SKT) opened at 32.29 on Friday. Tanger Factory Outlet Centers has a 52-week low of $30.87 and a 52-week high of $39.45. The stock’s 50-day moving average is currently $33.74. The company has a market cap of $3.014 billion and a price-to-earnings ratio of 46.33.
Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.43 by $0.01. The company had revenue of $91.00 million for the quarter, compared to the consensus estimate of $89.26 million. During the same quarter last year, the company posted $0.39 earnings per share. Tanger Factory Outlet Centers’s revenue was up 4.2% compared to the same quarter last year. On average, analysts predict that Tanger Factory Outlet Centers will post $1.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 15th. Shareholders of record on Tuesday, July 30th will be paid a dividend of $0.23 per share. This represents a $0.90 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Friday, July 26th.
Tanger Factory Outlet Centers, Inc is a fully integrated, self-administered and self-managed real estate investment trust (NYSE:SKT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.