Tanger Inc. (NYSE:SKT) Receives $34.83 Average Target Price from Analysts

Shares of Tanger Inc. (NYSE:SKT) have been given an average recommendation of “Moderate Buy” by the seven research firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $34.86.

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group raised 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. Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Citigroup raised their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Bank of America raised Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $35.00 to $40.00 in a research note on Monday, November 11th.

Institutional Investors Weigh In On Tanger

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. Blue Trust Inc. lifted its stake in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Tanger during the 2nd quarter worth approximately $27,000. Whittier Trust Co. acquired a new position in shares of Tanger in the 2nd quarter valued at $33,000. GAMMA Investing LLC grew its position in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 1,663 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 0.4 %

Shares of SKT opened at $35.86 on Thursday. The stock has a 50 day moving average price of $33.40 and a 200 day moving average price of $29.80. Tanger has a one year low of $24.72 and a one year high of $36.46. 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 has a market capitalization of $3.97 billion, a price-to-earnings ratio of 41.70, a PEG ratio of 2.80 and a beta of 1.88.

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

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.07%. Tanger’s payout ratio is 127.91%.

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.