Tanger (NYSE:SKT) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a report published on Monday morning, MarketBeat.com reports. Bank of America currently has $40.00 target price on the real estate investment trust’s stock, up from their previous target price of $35.00.

SKT has been the topic of several other research reports. Compass Point upped their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Scotiabank increased their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.83.

Tanger Price Performance

SKT stock opened at $35.73 on Monday. The firm has a market cap of $3.95 billion, a P/E ratio of 41.55, a P/E/G ratio of 2.82 and a beta of 1.88. The firm’s fifty day moving average is $33.21 and its 200 day moving average is $29.70. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 52 week low of $24.72 and a 52 week high of $36.46.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. Tanger’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 EPS. Research analysts predict that Tanger will post 2.1 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Thursday, October 31st. Tanger’s payout ratio is 127.91%.

Institutional Trading of Tanger

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Tanger by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after acquiring an additional 608,547 shares during the period. FMR LLC grew 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 acquiring an additional 1,832,261 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.1% in 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 purchasing an additional 21,793 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Tanger by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after purchasing an additional 123,107 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Tanger by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after buying an additional 55,794 shares during the period. Institutional investors own 85.23% of the company’s stock.

Tanger Company Profile

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.