Tanger (NYSE:SKT) Price Target Raised to $35.00

Tanger (NYSE:SKT) had its price objective upped by The Goldman Sachs Group from $31.00 to $35.00 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on SKT. Citigroup boosted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Finally, Compass Point boosted their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Tanger presently has an average rating of “Moderate Buy” and a consensus target price of $34.86.

Tanger Stock Performance

NYSE:SKT opened at $35.86 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a 1 year low of $24.72 and a 1 year high of $36.46. The stock’s 50 day simple moving average is $33.40 and its two-hundred day simple moving average is $29.82. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 41.70, a PEG ratio of 2.80 and a beta of 1.88.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. During the same period in the previous year, the firm earned $0.50 EPS. The business’s revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts anticipate that Tanger will post 2.11 earnings per share for the current fiscal year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s payout ratio is currently 127.91%.

Hedge Funds Weigh In On Tanger

Large investors have recently bought and sold shares of the business. FMR LLC lifted its holdings in shares of Tanger by 32.2% in the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after buying an additional 1,832,261 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Tanger by 387.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock worth $25,728,000 after buying an additional 616,417 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Tanger by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after buying an additional 608,547 shares during the period. Land & Buildings Investment Management LLC lifted its holdings in shares of Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares during the period. Finally, BROOKFIELD Corp ON purchased a new stake in shares of Tanger in the 1st quarter worth $10,441,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

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.