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

Tanger Inc. (NYSE:SKT) has received a consensus rating of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $30.67.

A number of research firms have recently weighed in on SKT. Evercore ISI upped their price target on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday. Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th.

Institutional Investors Weigh In On Tanger

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of Tanger in the 4th quarter valued at $346,000. New York State Common Retirement Fund grew its position in Tanger by 5.3% in the fourth quarter. New York State Common Retirement Fund now owns 109,367 shares of the real estate investment trust’s stock valued at $3,032,000 after acquiring an additional 5,468 shares during the period. Van ECK Associates Corp raised its stake in Tanger by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 14,323 shares of the real estate investment trust’s stock worth $397,000 after acquiring an additional 2,355 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Tanger during the fourth quarter valued at $520,000. Finally, M&T Bank Corp boosted its stake in shares of Tanger by 6.1% in the 4th quarter. M&T Bank Corp now owns 10,019 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 573 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Up 0.8 %

NYSE SKT opened at $30.43 on Friday. Tanger has a 12 month low of $21.42 and a 12 month high of $30.69. The company has a market capitalization of $3.33 billion, a P/E ratio of 33.44, a PEG ratio of 3.07 and a beta of 1.90. The company’s 50 day simple moving average is $27.91 and its 200 day simple moving average is $27.97. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.61%. The ex-dividend date was Wednesday, July 31st. Tanger’s payout ratio is currently 120.88%.

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.