Bank of America Boosts Tanger (NYSE:SKT) Price Target to $35.00

Tanger (NYSE:SKT) had its price target boosted by Bank of America from $31.00 to $35.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

SKT has been the topic of a number of other research reports. Evercore ISI increased their price target on Tanger from $29.00 to $31.00 and gave the company an in-line rating in a research note on Monday, September 16th. Scotiabank increased their target price on Tanger from $28.00 to $30.00 and gave the company a sector perform rating in a research note on Monday, August 26th. Finally, Compass Point boosted their target price on Tanger from $32.00 to $34.00 and gave the stock a buy rating in a research report on Wednesday, September 11th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $32.00.

Tanger Trading Up 0.3 %

SKT opened at $33.64 on Friday. The firm has a 50 day simple moving average of $30.68 and a 200 day simple moving average of $28.66. Tanger has a fifty-two week low of $21.42 and a fifty-two week high of $34.13. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 37.38, a price-to-earnings-growth ratio of 3.41 and a beta of 1.89. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend payout ratio is currently 122.22%.

Hedge Funds Weigh In On Tanger

Several institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in Tanger by 1,412.1% in the second 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 acquired a new stake in shares of Tanger during the second quarter worth $27,000. Whittier Trust Co. bought a new stake in Tanger in the 2nd quarter valued at $33,000. GAMMA Investing LLC boosted its stake in Tanger by 44.6% in the 2nd 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 during the period. Finally, CWM LLC increased its holdings in Tanger by 418.6% during the 2nd 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 and hedge funds.

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.