Tanger Inc. (NYSE:SKT) Given Consensus Rating of "Moderate Buy" by Brokerages

Tanger Inc. (NYSE:SKT - Get Free Report) has been given a consensus rating of "Moderate Buy" by the six brokerages that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $34.83.

SKT has been the topic of several analyst reports. Bank of America raised shares of Tanger from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $35.00 to $40.00 in a research note on Monday. Compass Point boosted their price target on Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a report on Friday, October 25th. Scotiabank raised 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. Citigroup lifted their price target on shares of Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Evercore ISI upped their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a research note on Thursday, November 7th.

Institutional Trading of Tanger

Several large investors have recently added to or reduced their stakes in SKT. GAMMA Investing LLC raised its position in Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 393 shares during the period. EMC Capital Management lifted its position in shares of Tanger by 5.1% during the 1st quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust's stock worth $422,000 after buying an additional 697 shares during the last quarter. American International Group Inc. lifted its stake in Tanger by 1.5% in the first quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust's stock valued at $1,671,000 after buying an additional 813 shares during the last quarter. Blue Trust Inc. increased its position in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 819 shares during the period. Finally, KBC Group NV increased its stake in Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust's stock valued at $122,000 after buying an additional 881 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Up 0.3 %

NYSE SKT traded up $0.11 on Thursday, hitting $35.73. 612,368 shares of the company were exchanged, compared to its average volume of 738,855. The stock has a fifty day moving average of $33.21 and a 200-day moving average of $29.70. Tanger has a 12 month low of $24.72 and a 12 month high of $36.46. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a market cap of $3.95 billion, a PE ratio of 41.55, a PEG ratio of 2.82 and a beta of 1.88.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly 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 analysts' expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business's revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, analysts forecast that Tanger will post 2.1 earnings per share for the current year.

Tanger Dividend Announcement

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