Tanger (NYSE:SKT) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research report report published on Friday morning, Marketbeat Ratings reports. They currently have $40.00 target price on the real estate investment trust’s stock, up from their previous target price of $39.00.

A number of other research firms have also weighed in on SKT. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. BMO Capital Markets initiated coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Tanger presently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Trading Up 0.0 %

NYSE SKT opened at $32.88 on Friday. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 37.79, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. 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. The business’s fifty day moving average is $33.64 and its 200 day moving average is $34.02.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. As a group, sell-side analysts expect that Tanger will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed 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. This represents a $1.10 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Friday, January 31st. Tanger’s dividend payout ratio (DPR) is presently 126.44%.

Insider Activity at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tanger

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in shares of Tanger by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock valued at $65,210,000 after acquiring an additional 21,793 shares during the period. Citigroup Inc. boosted its position in shares of Tanger by 32.3% during the 3rd quarter. Citigroup Inc. now owns 156,559 shares of the real estate investment trust’s stock worth $5,195,000 after purchasing an additional 38,178 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Tanger by 6.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 36,423 shares of the real estate investment trust’s stock worth $1,209,000 after purchasing an additional 2,165 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in shares of Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares during the period. Finally, FMR LLC increased its position in Tanger by 32.2% in the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after buying an additional 1,832,261 shares in the last quarter. 85.23% of the stock is currently 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.