Tanger Inc. (NYSE:SKT) Given Average Rating of “Hold” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $36.00.

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective on the stock. Citigroup boosted their price target on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Evercore ISI increased their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Compass Point lifted their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group increased their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th.

Tanger Trading Down 1.1 %

NYSE:SKT opened at $33.16 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a one year low of $25.67 and a one year high of $37.57. The company has a market cap of $3.67 billion, a PE ratio of 38.56, a PEG ratio of 2.78 and a beta of 1.92. The firm has a 50-day moving average of $35.24 and a 200-day moving average of $31.90.

Tanger (NYSE:SKT) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.50 earnings per share. As a group, equities research analysts expect that Tanger will post 2.11 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.275 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.32%. Tanger’s payout ratio is 127.91%.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now directly 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 document filed with the SEC, which can be accessed through this hyperlink. 5.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 514 shares during the period. KBC Group NV boosted its holdings in 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 purchasing an additional 881 shares during the period. Arizona State Retirement System grew its position in shares of Tanger by 3.0% during 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. Inspire Investing LLC increased its holdings in shares of Tanger by 7.7% in the second quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 931 shares during the period. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Tanger in the second quarter worth $27,000. Hedge funds and other 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.