Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of "Hold" by Brokerages

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been assigned a consensus rating of "Hold" from the eight brokerages that are covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $36.00.

Several research firms have recently weighed in on SKT. Evercore ISI boosted their price target on Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a report on Thursday, November 7th. BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday. They issued a "market perform" rating and a $36.00 price target for the company. Bank of America raised shares of Tanger from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research report on Tuesday, December 17th. They set a "hold" rating and a $37.00 target price for the company. Finally, The Goldman Sachs Group increased their price target on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, November 15th.

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.80% of the company's stock.

Hedge Funds Weigh In On Tanger

Large investors have recently modified their holdings of the company. CIBC Asset Management Inc acquired a new position in Tanger during the 4th quarter valued at about $200,000. Principal Financial Group Inc. grew its holdings in Tanger by 5.4% during the fourth quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust's stock worth $20,521,000 after buying an additional 30,618 shares in the last quarter. Rhumbline Advisers raised its position in Tanger by 2.6% in the 4th quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after buying an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in Tanger by 4.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock valued at $5,560,000 after acquiring an additional 7,647 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Tanger by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 20,166 shares of the real estate investment trust's stock worth $688,000 after acquiring an additional 1,869 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Price Performance

NYSE:SKT traded down $0.21 on Tuesday, hitting $32.82. The company had a trading volume of 213,898 shares, compared to its average volume of 614,441. The firm has a 50 day moving average of $34.52 and a two-hundred day moving average of $32.58. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 38.16, a PEG ratio of 2.72 and a beta of 1.92. Tanger has a 52 week low of $25.67 and a 52 week high of $37.57. 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 released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company's revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $0.50 EPS. On average, research analysts anticipate that Tanger will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.275 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.35%. Tanger's payout ratio is currently 127.91%.

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.