Tanger (NYSE:SKT) PT Raised to $36.00

Tanger (NYSE:SKT - Free Report) had its price objective boosted by Compass Point from $34.00 to $36.00 in a research note issued to investors on Friday morning, Benzinga reports. Compass Point currently has a buy rating on the real estate investment trust's stock.

Several other equities analysts also recently weighed in on SKT. Bank of America lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, October 11th. Scotiabank boosted their target price on shares of Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Monday, August 26th. Finally, Evercore ISI raised their price target on Tanger from $29.00 to $31.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $32.33.

Tanger Stock Performance

Shares of NYSE SKT traded down $0.74 during trading on Friday, reaching $33.68. 551,783 shares of the stock traded hands, compared to its average volume of 733,419. The company has a 50-day moving average of $31.89 and a 200-day moving average of $29.02. Tanger has a 52-week low of $21.42 and a 52-week high of $34.81. The stock has a market capitalization of $3.68 billion, a P/E ratio of 37.72, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. Tanger's dividend payout ratio (DPR) is currently 122.22%.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in 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 last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tanger by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust's stock worth $44,144,000 after acquiring an additional 123,107 shares during the last quarter. Bank of New York Mellon Corp grew its position in 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 worth $29,600,000 after acquiring an additional 55,794 shares in the last quarter. Land & Buildings Investment Management LLC increased its stake in Tanger by 52.4% in the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust's stock valued at $28,284,000 after acquiring an additional 358,860 shares during the last quarter. Finally, Millennium Management LLC raised its position in Tanger by 8.2% during the second quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust's stock valued at $20,798,000 after purchasing an additional 58,205 shares in the last quarter. Hedge funds and other 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.