Tanger Inc. (NYSE:SKT) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Tanger Inc. (NYSE:SKT) have been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $32.00.

A number of analysts recently weighed in on SKT shares. Bank of America increased 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, October 11th. Scotiabank raised their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Compass Point raised their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Evercore ISI raised their target price on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a report on Monday, September 16th.

Tanger Stock Performance

Shares of NYSE:SKT opened at $34.42 on Friday. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 38.24, a P/E/G ratio of 2.89 and a beta of 1.89. The firm’s 50 day simple moving average is $31.89 and its 200 day simple moving average is $29.02. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a fifty-two week low of $21.42 and a fifty-two week high of $34.81.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.20%. Tanger’s dividend payout ratio is currently 122.22%.

Hedge Funds Weigh In On Tanger

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. grew its stake in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 819 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Tanger during the 2nd quarter worth approximately $27,000. Whittier Trust Co. bought a new position in shares of Tanger during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC grew its stake in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 1,398 shares in 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.