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

Tanger Inc. (NYSE:SKT) has been given an average rating of “Hold” by the eight analysts that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $36.00.

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

Tanger Stock Performance

NYSE SKT opened at $35.99 on Friday. The stock has a market cap of $3.98 billion, a P/E ratio of 41.37, a PEG ratio of 2.97 and a beta of 1.91. The company’s 50-day simple moving average is $33.78 and its 200 day simple moving average is $33.37. Tanger has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, research analysts forecast that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.06%. Tanger’s payout ratio is 126.44%.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently modified their holdings of the business. Natixis Advisors LLC raised its stake in shares of Tanger by 55.3% during the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after buying an additional 25,683 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Tanger by 1.1% during the third 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. Asset Management One Co. Ltd. raised its stake in shares of Tanger by 4.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust’s stock worth $5,560,000 after buying an additional 7,647 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Tanger by 13.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after buying an additional 38,036 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Tanger by 5.2% during the third quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock worth $16,691,000 after buying an additional 25,014 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

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.