Tanger Inc. (NYSE:SKT) Receives $36.00 Consensus Price Target from Brokerages

Tanger Inc. (NYSE:SKT) has been given a consensus recommendation of “Hold” by the seven brokerages that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $36.00.

Several equities research analysts recently weighed in on the stock. Citigroup increased 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. The Goldman Sachs Group raised their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock.

Insider Buying and Selling at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

Several hedge funds have recently modified their holdings of SKT. Natixis Advisors LLC grew its position in Tanger by 55.3% during the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after acquiring an additional 25,683 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after purchasing an additional 21,793 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Tanger by 13.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after purchasing an additional 38,036 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Tanger by 5.2% during the third quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock worth $16,691,000 after purchasing an additional 25,014 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Tanger by 42.2% in the second quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock valued at $9,993,000 after buying an additional 109,388 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of NYSE SKT opened at $34.41 on Friday. Tanger has a 12 month low of $25.67 and a 12 month high of $37.57. The company has a market cap of $3.81 billion, a P/E ratio of 40.01, a P/E/G ratio of 2.78 and a beta of 1.92. The business’s 50 day moving average is $35.26 and its two-hundred day moving average is $31.77. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last announced 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 company had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same period last year, the firm posted $0.50 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. On average, equities analysts expect that Tanger will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.20%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend 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.