Brokerages Set Tanger Inc. (NYSE:SKT) PT at $36.00

Tanger Inc. (NYSE:SKT) has earned an average rating of “Hold” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $36.00.

Several analysts have recently commented on SKT shares. Evercore ISI raised their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Compass Point raised their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Finally, Citigroup upped their price objective 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.

Tanger Price Performance

NYSE SKT opened at $34.41 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger has a 1 year low of $25.67 and a 1 year high of $37.57. The company has a market cap of $3.81 billion, a PE ratio of 40.01, a PEG ratio of 2.78 and a beta of 1.92. The stock’s 50-day moving average price is $35.26 and its two-hundred day moving average price is $31.77.

Tanger (NYSE:SKT) last released its quarterly 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). The firm had revenue of $133.00 million for 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%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 EPS. On average, analysts predict that Tanger will post 2.11 EPS for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Insiders Place Their Bets

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after purchasing an additional 514 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Tanger by 2.2% in the third quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust’s stock worth $14,762,000 after buying an additional 9,701 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Tanger by 2.3% during the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock worth $3,205,000 after buying an additional 2,169 shares during the period. Vestcor Inc grew its stake in Tanger by 3.3% in the 3rd quarter. Vestcor Inc now owns 98,215 shares of the real estate investment trust’s stock valued at $3,259,000 after buying an additional 3,177 shares during the last quarter. Finally, Barclays PLC grew its stake in Tanger by 174.7% in the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after buying an additional 152,796 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

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.