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

Shares of Tanger Inc. (NYSE:SKT) have received an average rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $34.83.

A number of brokerages recently issued reports on SKT. Compass Point boosted their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Scotiabank upped 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. Citigroup raised their price objective on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday. Evercore ISI upped their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Finally, Bank of America raised Tanger from a “neutral” rating to a “buy” rating and raised their price target for the company from $35.00 to $40.00 in a report on Monday.

Tanger Stock Performance

SKT opened at $35.63 on Thursday. The company’s 50 day moving average is $33.21 and its 200 day moving average is $29.70. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 41.43, a PEG ratio of 2.82 and a beta of 1.88. Tanger has a 12-month low of $24.72 and a 12-month high of $36.46.

Tanger (NYSE:SKT) last released 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 the consensus estimate of $125.80 million. During the same quarter in the previous year, the business posted $0.50 earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis. On average, equities research analysts predict that Tanger will post 2.1 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.275 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.09%. Tanger’s dividend payout ratio is currently 127.91%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares in the last quarter. EMC Capital Management grew its position in shares of Tanger by 5.1% during the 1st quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $422,000 after buying an additional 697 shares in the last quarter. American International Group Inc. increased its position in Tanger by 1.5% during the 1st quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock valued at $1,671,000 after purchasing an additional 813 shares during the period. Blue Trust Inc. increased its holdings in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 819 shares during the period. Finally, KBC Group NV increased its holdings in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 881 shares during the period. Institutional investors own 85.23% of the company’s stock.

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.