Bank of America Upgrades Tanger (NYSE:SKT) to Buy

Bank of America upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research note released on Monday, MarketBeat.com reports. Bank of America currently has $40.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $35.00.

A number of other research analysts also recently issued reports on SKT. Scotiabank boosted their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Compass Point boosted their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.83.

Tanger Stock Performance

NYSE:SKT opened at $35.63 on Monday. 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 has a fifty-two week low of $24.72 and a fifty-two week high of $36.46. The firm has a market cap of $3.94 billion, a PE ratio of 41.43, a price-to-earnings-growth ratio of 2.82 and a beta of 1.88. The business has a 50 day moving average price of $33.21 and a 200-day moving average price of $29.70.

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 analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. Tanger’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the business earned $0.50 EPS. Equities research analysts predict that Tanger will post 2.1 earnings per share for the current year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.09%. Tanger’s dividend payout ratio is presently 127.91%.

Hedge Funds Weigh In On Tanger

A number of institutional investors have recently added to or reduced their stakes in SKT. Blue Trust Inc. grew its position in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 819 shares during the period. HHM Wealth Advisors LLC purchased a new stake in shares of Tanger in the second quarter worth $27,000. Whittier Trust Co. purchased a new position in shares of Tanger in the 2nd quarter worth about $33,000. GAMMA Investing LLC boosted its stake in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC increased its stake in Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,398 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

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.