Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Tanger Inc. (NYSE:SKT) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $32.00.

A number of equities research analysts have recently weighed in on the company. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI boosted their price objective on Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Compass Point raised their target price on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Bank of America boosted their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th.

Institutional Investors Weigh In On Tanger

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Tanger by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after acquiring an additional 608,547 shares during the period. Land & Buildings Investment Management LLC grew its position in shares of Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after purchasing an additional 358,860 shares during the period. BROOKFIELD Corp ON acquired a new position in shares of Tanger in the 1st quarter valued at approximately $10,441,000. Burney Co. bought a new stake in Tanger during the 1st quarter worth approximately $7,158,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Tanger during the 2nd quarter worth approximately $4,539,000. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

SKT stock opened at $34.70 on Friday. The company has a 50 day moving average price of $31.38 and a 200 day moving average price of $28.85. Tanger has a fifty-two week low of $21.42 and a fifty-two week high of $34.81. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $3.79 billion, a PE ratio of 38.13, a price-to-earnings-growth ratio of 2.85 and a beta of 1.89.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Thursday, October 31st. Tanger’s payout ratio is 120.88%.

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.