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

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $31.33.

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

Tanger Trading Down 0.8 %

SKT stock opened at $32.93 on Wednesday. The firm has a fifty day moving average price of $29.82 and a 200 day moving average price of $28.38. Tanger has a fifty-two week low of $21.42 and a fifty-two week high of $33.26. 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 firm has a market cap of $3.60 billion, a PE ratio of 36.19, a price-to-earnings-growth ratio of 3.35 and a beta of 1.89.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s dividend payout ratio is currently 120.88%.

Institutional Trading of Tanger

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Tanger by 3.6% during 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 purchasing an additional 608,547 shares during the period. Wellington Management Group LLP boosted its stake in shares of Tanger by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after purchasing an additional 94,887 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Tanger by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after purchasing an additional 123,107 shares during the period. GRS Advisors LLC raised its holdings in shares of Tanger by 136.7% in the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after acquiring an additional 771,066 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Tanger by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock valued at $29,600,000 after acquiring an additional 55,794 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other 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.