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

Shares of Tanger Inc. (NYSE:SKT) have been assigned an average rating of “Hold” from the eight research firms that are currently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $36.00.

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective for the company. BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective for the company.

Insider Buying and Selling at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in Tanger in the 4th quarter valued at $237,000. Employees Retirement System of Texas boosted its position in shares of Tanger by 1.6% in the 4th quarter. Employees Retirement System of Texas now owns 127,000 shares of the real estate investment trust’s stock worth $4,335,000 after purchasing an additional 2,000 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Tanger in the 4th quarter worth $68,000. Public Employees Retirement System of Ohio boosted its position in shares of Tanger by 0.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock worth $5,386,000 after purchasing an additional 554 shares during the last quarter. Finally, Vise Technologies Inc. bought a new position in shares of Tanger in the 4th quarter worth $271,000. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

NYSE SKT opened at $31.87 on Wednesday. The firm has a market capitalization of $3.59 billion, a P/E ratio of 36.63, a P/E/G ratio of 2.97 and a beta of 1.88. Tanger has a 1-year low of $25.94 and a 1-year high of $37.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The business’s 50-day simple moving average is $33.65 and its 200-day simple moving average is $33.92.

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

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.45%. Tanger’s dividend payout ratio (DPR) is 126.44%.

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.