Tanger Inc. (NYSE:SKT) Receives $34.83 Average Target Price from Analysts

Shares of Tanger Inc. (NYSE:SKT) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $34.86.

Several equities analysts have recently commented on SKT shares. Citigroup upped their price target on 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 lifted their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Compass Point raised their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th.

Tanger Price Performance

NYSE:SKT opened at $36.10 on Thursday. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 2.80 and a beta of 1.88. Tanger has a one year low of $24.72 and a one year high of $36.46. The firm’s fifty day moving average is $33.40 and its two-hundred day moving average is $29.82. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13.

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

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

Institutional Investors Weigh In On Tanger

Large investors have recently modified their holdings of the company. GAMMA Investing LLC raised its stake in Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares in the last quarter. EMC Capital Management raised its position in shares of Tanger by 5.1% during the 1st quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $422,000 after acquiring an additional 697 shares in the last quarter. American International Group Inc. lifted its stake in Tanger by 1.5% during the first quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock worth $1,671,000 after purchasing an additional 813 shares during the last quarter. Blue Trust Inc. boosted its holdings 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 purchasing an additional 819 shares in the last quarter. Finally, KBC Group NV increased its stake in Tanger by 31.5% in the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the last quarter. 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.