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

Shares of Tanger Inc. (NYSE:SKT) have earned an average recommendation of “Hold” from the seven brokerages that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $36.00.

A number of equities analysts have recently weighed in on SKT shares. 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 price objective for the company. The Goldman Sachs Group increased their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Citigroup increased their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $40.00 in a report on Monday, November 11th.

Tanger Price Performance

Tanger stock opened at $34.01 on Friday. The firm has a market capitalization of $3.76 billion, a PE ratio of 39.55, a P/E/G ratio of 2.78 and a beta of 1.90. Tanger has a 52 week low of $25.67 and a 52 week high of $37.57. The firm’s 50-day simple moving average is $35.24 and its 200 day simple moving average is $31.68. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

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

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

Insider Buying and Selling

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction 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 transaction, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Tanger

A number of institutional investors and hedge funds have recently bought and sold shares of SKT. Van ECK Associates Corp lifted its holdings in Tanger by 8.5% in the 2nd quarter. Van ECK Associates Corp now owns 16,289 shares of the real estate investment trust’s stock worth $442,000 after buying an additional 1,282 shares in the last quarter. Versor Investments LP purchased a new position in Tanger in the second quarter valued at about $312,000. Rhumbline Advisers grew its stake in Tanger by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 403,008 shares of the real estate investment trust’s stock valued at $10,926,000 after purchasing an additional 12,336 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Tanger by 6.8% during the 2nd quarter. Victory Capital Management Inc. now owns 59,238 shares of the real estate investment trust’s stock worth $1,606,000 after purchasing an additional 3,775 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Tanger by 3.0% in the 2nd quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock valued at $827,000 after purchasing an additional 897 shares in the last quarter. Hedge funds and other 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.