Tanger (NYSE:SKT) Given New $31.00 Price Target at Evercore ISI

Tanger (NYSE:SKT) had its price objective lifted by Evercore ISI from $29.00 to $31.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Several other equities analysts have also commented on SKT. Compass Point upped their price target on Tanger from $32.00 to $34.00 and gave the company a buy rating in a research note on Wednesday, September 11th. Scotiabank increased their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a sector perform rating in a research report on Monday, August 26th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $31.33.

Tanger Price Performance

Shares of Tanger stock opened at $31.76 on Monday. The firm has a market cap of $3.47 billion, a PE ratio of 34.90, a P/E/G ratio of 3.21 and a beta of 1.89. Tanger has a twelve month low of $21.42 and a twelve month high of $32.05. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The business has a 50-day moving average price of $28.90 and a 200 day moving average price of $28.17.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Wednesday, July 31st. Tanger’s dividend payout ratio (DPR) is 120.88%.

Institutional Investors Weigh In On Tanger

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Tanger by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after purchasing an additional 608,547 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Tanger by 2.4% during the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after buying an additional 94,887 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Tanger by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after buying an additional 123,107 shares during the last quarter. GRS Advisors LLC boosted its holdings in Tanger by 136.7% in the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after acquiring an additional 771,066 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Tanger by 5.4% during the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock valued at $29,600,000 after acquiring an additional 55,794 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

About Tanger

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.