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

Shares of Tanger Inc. (NYSE:SKT) have received an average rating of “Hold” from the eight analysts that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $36.00.

Several brokerages recently commented on SKT. BMO Capital Markets began coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price on the stock. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price on the stock.

Insider Activity at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tanger

Large investors have recently made changes to their positions in the business. Natixis Advisors LLC increased its position in shares of Tanger by 55.3% during the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after purchasing an additional 25,683 shares during the last quarter. Rhumbline Advisers increased its position in shares of Tanger by 2.6% during the 4th quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust’s stock valued at $13,637,000 after purchasing an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. increased its position in shares of Tanger by 4.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust’s stock valued at $5,560,000 after purchasing an additional 7,647 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Tanger by 1.1% during the 3rd 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 last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Tanger during the 4th quarter valued at $709,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Down 0.6 %

Shares of Tanger stock opened at $32.21 on Wednesday. The firm has a 50-day moving average of $33.68 and a 200-day moving average of $33.93. The stock has a market cap of $3.63 billion, a PE ratio of 37.02, a PEG ratio of 2.97 and a beta of 1.88. Tanger has a 52-week low of $25.94 and a 52-week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. As a group, sell-side analysts forecast that Tanger will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is currently 126.44%.

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.