Tanger Inc. (NYSE:SKT) Given Consensus Rating of “Hold” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $36.00.

A number of equities analysts have commented on the company. Compass Point raised their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI upped their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company.

Tanger Stock Performance

Shares of NYSE SKT opened at $33.62 on Tuesday. Tanger has a one year low of $25.67 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 39.10, a P/E/G ratio of 2.71 and a beta of 1.92. The stock’s fifty day moving average price is $34.73 and its two-hundred day moving average price is $32.53.

Tanger (NYSE:SKT) last issued its quarterly earnings data 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 analyst estimates of $125.80 million. During the same quarter last year, the firm earned $0.50 EPS. Tanger’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities analysts forecast that Tanger will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.275 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. Tanger’s payout ratio is currently 127.91%.

Insider Buying and Selling

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tanger

Hedge funds have recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P increased its stake in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Tanger in the second quarter valued at approximately $49,000. GAMMA Investing LLC increased its position in Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 790 shares during the period. KBC Group NV increased its position in Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Tanger by 35.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 1,107 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Company Profile

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.