Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Tanger Inc. (NYSE:SKT) has earned an average rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $36.40.

A number of research firms have recently commented on SKT. Scotiabank cut their price target on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. LADENBURG THALM/SH SH initiated coverage on Tanger in a report on Friday, July 18th. They issued a “buy” rating and a $35.00 price target for the company. Barclays initiated coverage on Tanger in a research note on Wednesday, July 2nd. They set an “equal weight” rating and a $33.00 price objective for the company. Evercore ISI raised Tanger to a “hold” rating in a research note on Friday, May 2nd. Finally, Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th.

Institutional Investors Weigh In On Tanger

Several large investors have recently added to or reduced their stakes in SKT. Wells Fargo & Company MN lifted its stake in Tanger by 8.7% during the fourth quarter. Wells Fargo & Company MN now owns 203,243 shares of the real estate investment trust’s stock worth $6,937,000 after purchasing an additional 16,296 shares during the last quarter. Bank of Montreal Can lifted its stake in Tanger by 12.1% during the fourth quarter. Bank of Montreal Can now owns 16,351 shares of the real estate investment trust’s stock worth $558,000 after purchasing an additional 1,764 shares during the last quarter. Invesco Ltd. lifted its stake in Tanger by 9.5% during the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust’s stock worth $30,562,000 after purchasing an additional 78,014 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Tanger during the fourth quarter worth about $4,972,000. Finally, Summit Investment Advisors Inc. lifted its stake in Tanger by 5.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock worth $380,000 after purchasing an additional 553 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Tanger stock opened at $32.29 on Friday. Tanger has a one year low of $27.84 and a one year high of $37.57. The business has a fifty day moving average price of $31.15 and a 200-day moving average price of $31.81. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. The firm has a market capitalization of $3.65 billion, a P/E ratio of 36.69, a PEG ratio of 2.13 and a beta of 1.23.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The firm had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. During the same period last year, the company earned $0.53 earnings per share. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, equities research analysts forecast that Tanger will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 annualized dividend and a yield of 3.6%. Tanger’s dividend payout ratio (DPR) is currently 132.95%.

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.