Tanger Inc. (NYSE:SKT - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $32.86, but opened at $33.56. Tanger shares last traded at $33.12, with a volume of 96,351 shares traded.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the stock. BMO Capital Markets initiated coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target on the stock. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $39.00 to $40.00 in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 target price for the company. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.63.
Check Out Our Latest Analysis on SKT
Tanger Stock Up 0.4 %
The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company's fifty day moving average price is $33.65 and its 200-day moving average price is $34.06. The stock has a market capitalization of $3.82 billion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88.
Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million during the quarter, compared to analysts' expectations of $129.10 million. Analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.
Tanger Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.24%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio (DPR) is 126.44%.
Insiders Place Their Bets
In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.80% of the company's stock.
Institutional Investors Weigh In On Tanger
Institutional investors have recently modified their holdings of the business. Mutual of America Capital Management LLC lifted its stake in Tanger by 1.9% during the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock valued at $572,000 after acquiring an additional 319 shares during the period. Maryland State Retirement & Pension System boosted its holdings in Tanger by 0.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust's stock worth $1,272,000 after purchasing an additional 349 shares during the last quarter. FIL Ltd grew its position in Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock worth $98,000 after purchasing an additional 401 shares during the period. DAVENPORT & Co LLC raised its stake in Tanger by 1.4% during the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after buying an additional 425 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Tanger by 1.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock valued at $1,121,000 after buying an additional 480 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.
About Tanger
(
Get Free Report)
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.
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