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

Tanger Inc. (NYSE:SKT) has earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $34.86.

A number of research firms have weighed in on SKT. The Goldman Sachs Group increased their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday. Citigroup boosted their price target on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI upped their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, Scotiabank raised their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th.

Tanger Stock Performance

Shares of SKT opened at $36.10 on Thursday. The company’s 50 day simple moving average is $33.40 and its 200-day simple moving average is $29.82. Tanger has a 12-month low of $24.72 and a 12-month high of $36.46. The firm has a market cap of $4.00 billion, a PE ratio of 41.98, a price-to-earnings-growth ratio of 2.80 and a beta of 1.88. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates 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 in the previous year, the company posted $0.50 earnings per share. Tanger’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, equities analysts predict that Tanger will post 2.11 EPS for the current 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 given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio is presently 127.91%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its position 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 worth $26,000 after buying an additional 819 shares during the period. HHM Wealth Advisors LLC acquired a new position in Tanger during the second quarter worth approximately $27,000. Whittier Trust Co. purchased a new position in Tanger during the second quarter worth approximately $33,000. GAMMA Investing LLC raised its stake in Tanger by 44.6% during the second 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 during the period. Finally, Loomis Sayles & Co. L P increased its holdings in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 1,663 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.