Tanger (NYSE:SKT) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research report report published on Friday, MarketBeat.com reports. The Goldman Sachs Group currently has $40.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $39.00.

Several other equities research analysts also recently issued reports on SKT. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. BMO Capital Markets initiated coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.63.

Tanger Stock Performance

Shares of SKT opened at $32.88 on Friday. The company has a market cap of $3.71 billion, a PE ratio of 37.79, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The firm has a 50-day moving average of $33.64 and a 200-day moving average of $34.02. Tanger has a one year low of $25.94 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13.

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

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.35%. Tanger’s payout ratio is presently 126.44%.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the 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 sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. This represents a 9.95 % 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 owned by company insiders.

Institutional Investors Weigh In On Tanger

Several institutional investors and hedge funds have recently bought and sold shares of SKT. Mutual of America Capital Management LLC raised its position in shares of Tanger by 1.9% in the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock valued at $572,000 after buying an additional 319 shares in the last quarter. Maryland State Retirement & Pension System raised its position in Tanger by 0.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock valued at $1,272,000 after purchasing an additional 349 shares in the last quarter. FIL Ltd lifted its stake in Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 401 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of Tanger by 1.4% in the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock valued at $1,074,000 after purchasing an additional 425 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in shares of Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock valued at $1,121,000 after purchasing an additional 480 shares during 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.