Tanger Inc. (NYSE:SKT) Receives $36.00 Average PT from Analysts

Tanger Inc. (NYSE:SKT) has been given a consensus rating of “Hold” by the eight research firms that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $36.00.

SKT has been the subject of several recent analyst reports. Citigroup upped their target price on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Evercore ISI increased their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective for the company.

Institutional Investors Weigh In On Tanger

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKT. FMR LLC increased its stake in Tanger by 24.9% in 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 buying an additional 1,873,835 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Tanger by 78.6% in the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock valued at $58,525,000 after buying an additional 754,429 shares during the last quarter. Wellington Management Group LLP increased its stake in 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 valued at $93,805,000 after buying an additional 697,291 shares during the last quarter. Northern Trust Corp increased its stake 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 buying an additional 655,237 shares during the last quarter. Finally, Norges Bank acquired a new stake in Tanger in the 4th quarter valued at $22,239,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 0.5 %

Shares of NYSE:SKT opened at $35.99 on Friday. Tanger has a 52 week low of $25.94 and a 52 week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The company has a market capitalization of $3.98 billion, a PE ratio of 41.37, a PEG ratio of 2.97 and a beta of 1.91. The company has a 50 day moving average price of $33.78 and a two-hundred day moving average price of $33.37.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 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 firm had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Analysts forecast that Tanger will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is 126.44%.

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.