Tanger Inc. (NYSE:SKT) Receives $36.63 Consensus PT from Brokerages

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $36.63.

SKT has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $39.00 to $40.00 in a report on Friday, March 28th. BMO Capital Markets began coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective for the company.

Insiders Place Their Bets

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after purchasing an additional 1,873,835 shares during the period. Nuveen Asset Management LLC grew its position in shares of Tanger by 78.6% during the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock worth $58,525,000 after acquiring an additional 754,429 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after acquiring an additional 697,291 shares during the period. Northern Trust Corp lifted its position in Tanger by 56.4% in the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after purchasing an additional 655,237 shares during the last quarter. Finally, Norges Bank acquired a new position in Tanger during the 4th quarter valued at about $22,239,000. 85.23% of the stock is owned by institutional investors.

Tanger Trading Up 0.6 %

Shares of SKT opened at $32.05 on Friday. Tanger has a 12 month low of $25.94 and a 12 month high of $37.57. The stock’s 50-day moving average is $33.25 and its two-hundred day moving average is $33.99. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The stock has a market cap of $3.63 billion, a PE ratio of 36.83, a P/E/G ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The company had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Equities analysts forecast that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. This is a positive change from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a dividend yield of 3.65%. The ex-dividend date is Wednesday, April 30th. Tanger’s dividend payout ratio is currently 134.48%.

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.