Tanger (NYSE:SKT) Now Covered by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger (NYSE:SKT) in a report issued on Tuesday morning, MarketBeat reports. The brokerage issued a hold rating and a $37.00 target price on the real estate investment trust’s stock.

Several other research firms have also commented on SKT. Compass Point boosted their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Evercore ISI upped their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Citigroup upped their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Scotiabank upped their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, 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. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.13.

Tanger Price Performance

Shares of SKT opened at $35.41 on Tuesday. The company has a 50 day moving average price of $35.17 and a 200-day moving average price of $31.11. Tanger has a fifty-two week low of $25.67 and a fifty-two week high of $37.57. The stock has a market capitalization of $3.92 billion, a PE ratio of 41.07, a PEG ratio of 2.78 and a beta of 1.90. 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 (NYSE:SKT) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. During the same period in the previous year, the company posted $0.50 EPS. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities analysts predict that Tanger will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.11%. The ex-dividend date was Thursday, October 31st. Tanger’s payout ratio is 127.91%.

Insider Buying and Selling at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value 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. This represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Tanger

A number of hedge funds have recently modified their holdings of the business. FMR LLC increased its position in Tanger by 32.2% during the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after purchasing an additional 1,832,261 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock valued at $65,210,000 after purchasing an additional 21,793 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Tanger by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after purchasing an additional 123,107 shares during the period. Bank of New York Mellon Corp lifted its stake in Tanger by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after acquiring an additional 55,794 shares during the last quarter. Finally, Land & Buildings Investment Management LLC lifted its stake in Tanger by 52.4% in the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after acquiring an additional 358,860 shares during the last quarter. 85.23% of the stock is currently 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.