Are Tanger Factory (NYSE:SKT) Shares Worth Your Time and Dime Following Recent Goldman Upgrade?


Tanger Factory (NYSE:SKT) Stock Upgrade

Goldman increased shares of Tanger Factory (NYSE:SKT) from a “Neutral” rating to a solid “Buy” in an interesting research report issued to investors and clients on today.

From a total of 11 analysts covering Tanger Factory Outlet Centers (NYSE:SKT) stock, 1 rate it a ”Buy”, 0 a “Sell”, and 10 a ”Hold”. This means that 9% of the ratings are positive. The highest target price is $44 while the lowest target price is $31. The mean of all analyst targets is $36.36 with a 12.24% above today’s ($32.61) stock price. Tanger Factory Outlet Centers was the topic of 13 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs upgraded shares on December 8 to “Buy” rating. Zacks upgraded shares to “Hold” rating and $34 target share price in a report from an August 26. RBC Capital Markets maintained SKT stock in a recent report from October 7 with “Outperform” rating. Finally, Evercore maintained the stock with “Hold” rating in a report issued on a September 8.

The stock increased 0.37% or $0.12 on December 8, striking $32.61. Approximately shares of stock traded hands. Tanger Factory Outlet Centers Inc. (NYSE:SKT) has declined 2.98% since May 6, 2015 and is downtrending. It has underperformed by 2.18% the S&P500.

The overall sentiment of institutions has decreased to 0.97 in Q2 2015. Its down 0.31, from 1.28 in 2015Q2. The ratio is negative, as 23 institutions have sold all the shares of Tanger Factory Outlet Centers Inc. that they owned while 92 funds have taken shares off the table. 26 funds have purchased shares for the first time while 85 added to their positions. These institutions now hold 73.74 million shares or 15.10% less than the 86.86 million shares they owned in 2015Q2.

The Fund Cornerstone Real Estate Advisers Llc currently is holding shares equating to 2.75% of its total portfolio in Tanger Factory Outlet Centers Inc. representing a total of 152,506 shares. Another fund,Independent Order Of Foresters, is holding a total of 78,289 shares equating to 2.2% of their holdings. Additionally, Third Avenue Management Llc has a 2.29 million share stake in Tanger Factory Outlet Centers Inc. which represents 2.05% of their total portfolio. The Fund, Apg Asset Management Us Inc., based out of New York, has also built up a stake in the stock, which represents a total of 1.94% of their total portfolio. Finally Crestwood Advisors Llc, a fund which is based in the state of Massachusetts reported a total holdings of 323,891 shares.

Insider activity is a very important aspect to track on any stock. Going back to April 6, 2015, shareholders of Tanger Factory Outlet Centers Inc. have witnessed 0 insider purchases, and a total of 4 sales equating to a net activity of approximately $666,581 . Mcdonough Thomas E. sold 4,000 shares worth approximately $138,000. Geldner Carrie A sold 1,200 shares worth approximately $40,169. Robinson Thomas E sold 5,032 shares worth approximately $165,382. Williams James Floyd sold 1,000 shares worth approximately $34,031. The company insider Tanger Steven B sold 60,000 shares worth $2.04M.

Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust . The company has a market cap of $3.12 billion. The Firm focuses on developing, acquiring, owning, operating and managing outlet shopping centers. It has 26.15 P/E ratio. The Firm has interests in nine outlet centers totaling approximately 2.6 million square feet, including four outlet centers in Canada.

According to Zacks Investment Research, “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.” Get a free copy of the Zacks research report on Tanger Factory Outlet Centers Inc. (SKT).