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

Tanger Inc. (NYSE:SKT - Get Free Report) has earned an average recommendation of "Hold" from the eight analysts that are presently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $36.00.

Several brokerages recently issued reports on SKT. BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Bank of America upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 target price on the stock. Evercore ISI raised their price target 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. Finally, The Goldman Sachs Group boosted their price objective on Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th.

Tanger Stock Down 0.4 %

SKT stock traded down $0.16 during trading on Friday, hitting $35.85. 1,169,855 shares of the company's stock traded hands, compared to its average volume of 719,452. The firm has a market capitalization of $3.97 billion, a P/E ratio of 41.20, a PEG ratio of 2.97 and a beta of 1.91. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. Tanger has a 1 year low of $25.94 and a 1 year high of $37.57. The business has a fifty day simple moving average of $33.79 and a two-hundred day simple moving average of $33.43.

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Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Sell-side analysts anticipate that Tanger will post 2.24 EPS for the current year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, January 31st. Tanger's payout ratio is currently 126.44%.

Institutional Trading of Tanger

A number of hedge funds have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd grew its position in Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 733 shares during the last quarter. Loomis Sayles & Co. L P raised its position 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. GF Fund Management CO. LTD. acquired a new stake in shares of Tanger in the 4th quarter worth $68,000. Coppell Advisory Solutions LLC boosted its holdings in shares of Tanger by 144.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock valued at $80,000 after acquiring an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after acquiring an additional 514 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

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.