Tanger Inc. (NYSE:SKT) Receives $29.00 Consensus Target Price from Brokerages

Shares of Tanger Inc. (NYSE:SKT) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $29.00.

A number of brokerages recently issued reports on SKT. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI boosted their price target on shares of Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Finally, Citigroup upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $30.00 to $33.00 in a report on Friday, March 22nd.

Tanger Stock Down 0.9 %

NYSE SKT opened at $28.35 on Friday. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43. Tanger has a 52 week low of $18.34 and a 52 week high of $29.98. The business’s fifty day simple moving average is $28.45 and its 200-day simple moving average is $26.94. The firm has a market cap of $3.10 billion, a PE ratio of 30.82, a P/E/G ratio of 3.65 and a beta of 1.83.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a $0.275 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.10 dividend on an annualized basis and a yield of 3.88%. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s dividend payout ratio (DPR) is presently 113.04%.

Hedge Funds Weigh In On Tanger

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its position in shares of Tanger by 478.2% during the 3rd quarter. SG Americas Securities LLC now owns 68,511 shares of the real estate investment trust’s stock valued at $1,548,000 after acquiring an additional 56,661 shares during the period. Handelsbanken Fonder AB increased its stake in Tanger by 17.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 22,653 shares of the real estate investment trust’s stock valued at $512,000 after purchasing an additional 3,442 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Tanger by 29.2% during the third quarter. Commonwealth Equity Services LLC now owns 44,802 shares of the real estate investment trust’s stock worth $1,013,000 after purchasing an additional 10,120 shares during the last quarter. Monument Capital Management purchased a new stake in Tanger during the third quarter worth $382,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tanger by 7.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,271 shares of the real estate investment trust’s stock valued at $955,000 after purchasing an additional 3,017 shares during the last quarter. 85.23% of the stock is 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.