Analysts Set Tanger Inc. (NYSE:SKT) Price Target at $36.00

Tanger Inc. (NYSE:SKT - Get Free Report) has been assigned an average recommendation of "Hold" from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $36.00.

A number of research analysts have recently commented on the company. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, October 25th. The Goldman Sachs Group upped their price objective on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday, November 15th. Bank of America upgraded Tanger from a "neutral" rating to a "buy" rating and increased their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a research note on Thursday, November 7th. Finally, Citigroup raised 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, November 13th.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction 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 directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tanger

A number of hedge funds have recently made changes to their positions in the stock. HHM Wealth Advisors LLC purchased a new position in Tanger in the second quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Tanger in the 2nd quarter worth $49,000. Loomis Sayles & Co. L P grew its stake in Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock worth $57,000 after buying an additional 1,663 shares during the last quarter. GAMMA Investing LLC increased its position in Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust's stock valued at $68,000 after buying an additional 790 shares in the last quarter. Finally, KBC Group NV raised its stake in Tanger by 31.5% in the third 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 last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Trading Up 1.2 %

NYSE SKT traded up $0.40 on Friday, hitting $34.41. 423,823 shares of the stock were exchanged, compared to its average volume of 420,262. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 52-week low of $25.67 and a 52-week high of $37.57. The firm has a market capitalization of $3.81 billion, a P/E ratio of 40.01, a P/E/G ratio of 2.78 and a beta of 1.92. The stock has a fifty day moving average price of $35.26 and a two-hundred day moving average price of $31.73.

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

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger's dividend payout ratio (DPR) is presently 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.