Tanger Inc. (NYSE:SKT) Given Average Rating of “Moderate Buy” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have earned an average rating of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $30.67.

A number of equities research analysts have recently issued reports on SKT shares. Evercore ISI boosted their price target on shares of Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday. Scotiabank upped their price target on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th.

Institutional Investors Weigh In On Tanger

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new position in shares of Tanger in the fourth quarter valued at $346,000. New York State Common Retirement Fund increased its stake in Tanger by 5.3% during the fourth quarter. New York State Common Retirement Fund now owns 109,367 shares of the real estate investment trust’s stock valued at $3,032,000 after purchasing an additional 5,468 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Tanger by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 14,323 shares of the real estate investment trust’s stock worth $397,000 after purchasing an additional 2,355 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Tanger in the 4th quarter worth about $520,000. Finally, M&T Bank Corp boosted its holdings in shares of Tanger by 6.1% in the 4th quarter. M&T Bank Corp now owns 10,019 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 573 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Up 0.8 %

SKT opened at $30.43 on Friday. The business’s 50 day moving average price is $27.91 and its 200 day moving average price is $27.97. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $3.33 billion, a PE ratio of 33.44, a P/E/G ratio of 3.07 and a beta of 1.90. Tanger has a one year low of $21.42 and a one year high of $30.69.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.275 per share. The ex-dividend date was Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.61%. Tanger’s dividend payout ratio is currently 120.88%.

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.