Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of “Hold” from Brokerages

Tanger Inc. (NYSE:SKT) has received a consensus recommendation of “Hold” from the seven research firms that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $36.00.

A number of equities research analysts have commented on SKT shares. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Citigroup boosted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI upped their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. The Goldman Sachs Group raised their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock.

Tanger Stock Up 2.5 %

Shares of NYSE:SKT opened at $33.62 on Tuesday. Tanger has a 1 year low of $25.67 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The business’s 50-day moving average is $34.73 and its 200-day moving average is $32.53. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 39.10, a P/E/G ratio of 2.71 and a beta of 1.92.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. Tanger’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. Equities research analysts predict that Tanger will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Friday, January 31st. Tanger’s payout ratio is currently 127.91%.

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC grew its stake in Tanger by 32.2% in the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after purchasing an additional 1,832,261 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tanger by 1.1% in the 3rd 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 buying an additional 21,793 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Tanger by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after buying an additional 123,107 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Tanger by 387.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock worth $25,728,000 after buying an additional 616,417 shares during the last quarter. Finally, Millennium Management LLC raised its position in Tanger by 8.2% in the second quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock worth $20,798,000 after acquiring an additional 58,205 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.