Tanger (NYSE:SKT) Upgraded at Bank of America

Bank of America upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, MarketBeat reports. Bank of America currently has $40.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $35.00.

A number of other analysts have also recently weighed in on the stock. Evercore ISI raised their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Compass Point raised their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Scotiabank raised their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Tanger has an average rating of “Moderate Buy” and an average price target of $34.83.

Tanger Stock Performance

NYSE SKT opened at $35.73 on Monday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The stock’s fifty day moving average is $33.21 and its two-hundred day moving average is $29.70. Tanger has a fifty-two week low of $24.72 and a fifty-two week high of $36.46. The firm has a market capitalization of $3.95 billion, a P/E ratio of 41.55, a price-to-earnings-growth ratio of 2.82 and a beta of 1.88.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same period in the previous year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, research analysts anticipate that Tanger will post 2.1 earnings per share for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.08%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is 127.91%.

Institutional Trading of Tanger

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. UniSuper Management Pty Ltd raised its holdings in shares of Tanger by 84.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after purchasing an additional 24,369 shares in the last quarter. Hancock Whitney Corp lifted its stake in Tanger by 46.8% in the 1st quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after acquiring an additional 22,859 shares in the last quarter. Texas Permanent School Fund Corp grew its position in Tanger by 3.6% during the first quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock valued at $2,783,000 after purchasing an additional 3,272 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Tanger by 9.0% during the 1st quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock valued at $2,150,000 after acquiring an additional 6,016 shares in the last quarter. Finally, First Eagle Investment Management LLC increased its stake in shares of Tanger by 23.2% in the first quarter. First Eagle Investment Management LLC now owns 112,704 shares of the real estate investment trust’s stock worth $3,328,000 after acquiring an additional 21,250 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.