Brokerages Set Tanger Inc. (NYSE:SKT) Price Target at $34.86

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the seven analysts that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $34.86.

A number of brokerages have issued reports on SKT. Citigroup raised their target price on Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th. Scotiabank upped their target price on shares of Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a research note on Monday, August 26th. Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. Finally, Compass Point upped their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, October 25th.

Insider Buying and Selling

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company's stock, valued at $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tanger

Large investors have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 819 shares in the last quarter. HHM Wealth Advisors LLC bought a new stake in Tanger during the 2nd quarter worth about $27,000. Whittier Trust Co. acquired a new position in shares of Tanger during the 2nd quarter worth about $33,000. GAMMA Investing LLC grew its holdings in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 393 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its position in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock valued at $57,000 after acquiring an additional 1,663 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Tanger Trading Down 0.7 %

Shares of NYSE:SKT traded down $0.26 during trading on Monday, hitting $36.04. 469,171 shares of the company's stock were exchanged, compared to its average volume of 731,545. The firm has a 50-day moving average price of $34.86 and a two-hundred day moving average price of $30.75. Tanger has a 1-year low of $25.67 and a 1-year high of $37.57. The firm has a market cap of $3.99 billion, a P/E ratio of 42.21, a PEG ratio of 2.84 and a beta of 1.90. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter in the previous year, the firm posted $0.50 EPS. The business's revenue was up 13.3% on a year-over-year basis. Equities analysts predict that Tanger will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Thursday, October 31st. Tanger's dividend payout ratio is 127.91%.

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.