Tanger Inc. (NYSE:SKT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Tanger Inc. (NYSE:SKT) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $31.33.

Several brokerages have recently weighed in on SKT. Evercore ISI increased their price objective on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank increased their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Finally, Compass Point raised their price objective on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, September 11th.

Institutional Investors Weigh In On Tanger

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKT. Blue Trust Inc. grew its holdings in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 819 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in Tanger during the 2nd quarter valued at about $27,000. Whittier Trust Co. purchased a new position in shares of Tanger during the second quarter worth about $33,000. GAMMA Investing LLC grew its holdings in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Tanger by 418.6% during the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 1,398 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

NYSE SKT opened at $32.44 on Wednesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The firm’s fifty day moving average price is $29.46 and its two-hundred day moving average price is $28.27. Tanger has a 1 year low of $21.42 and a 1 year high of $32.47. The firm has a market capitalization of $3.55 billion, a P/E ratio of 35.65, a price-to-earnings-growth ratio of 3.23 and a beta of 1.89.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Wednesday, July 31st. Tanger’s payout ratio is 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.