Tanger Inc. (NYSE:SKT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have earned an average rating of “Moderate Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $34.86.

A number of equities research analysts recently issued reports on the company. Scotiabank boosted their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $35.00 to $40.00 in a research note on Monday, November 11th. The Goldman Sachs Group raised their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Finally, Compass Point raised their price target on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th.

Tanger Price Performance

Shares of NYSE:SKT opened at $36.30 on Monday. The company has a market capitalization of $4.02 billion, a P/E ratio of 42.21, a price-to-earnings-growth ratio of 2.88 and a beta of 1.90. The company’s 50-day moving average is $34.86 and its 200 day moving average is $30.75. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a fifty-two week low of $25.67 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. During the same quarter in the previous year, the firm earned $0.50 earnings per share. The firm’s revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts forecast that Tanger will post 2.11 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.03%. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

Insider Transactions at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently modified their holdings of SKT. Franklin Resources Inc. boosted its stake in shares of Tanger by 2.3% in the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock valued at $3,205,000 after purchasing an additional 2,169 shares in the last quarter. Vestcor Inc lifted its stake in Tanger by 3.3% in the third quarter. Vestcor Inc now owns 98,215 shares of the real estate investment trust’s stock worth $3,259,000 after purchasing an additional 3,177 shares during the last quarter. Barclays PLC boosted its position in Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after buying an additional 152,796 shares during the period. Public Employees Retirement System of Ohio boosted its position in Tanger by 0.7% during the third quarter. Public Employees Retirement System of Ohio now owns 157,260 shares of the real estate investment trust’s stock valued at $5,218,000 after buying an additional 1,155 shares during the period. Finally, Stifel Financial Corp grew its stake in shares of Tanger by 48.5% during the third quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock valued at $2,236,000 after buying an additional 22,002 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.