Tanger (NYSE:SKT) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Tanger (NYSE:SKT - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, MarketBeat reports. Bank of America currently has $40.00 target price on the real estate investment trust's stock, up from their prior target price of $35.00.

Several other brokerages also recently commented on SKT. Evercore ISI raised their price target on shares of Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a report on Thursday. Scotiabank upped their target price on Tanger from $28.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Monday, August 26th. Finally, Compass Point lifted their price target on Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Tanger has an average rating of "Moderate Buy" and a consensus price target of $33.50.

Tanger Stock Performance

NYSE SKT traded up $0.41 on Monday, hitting $35.94. 837,445 shares of the stock traded hands, compared to its average volume of 737,640. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 41.76, a PEG ratio of 3.01 and a beta of 1.88. Tanger has a 12 month low of $24.25 and a 12 month high of $36.20. The business's fifty day moving average is $32.89 and its two-hundred day moving average is $29.56.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (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 the consensus estimate 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 in the previous year, the firm earned $0.50 EPS. As a group, equities analysts anticipate that Tanger will post 2.1 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.06%. Tanger's dividend payout ratio (DPR) is currently 127.91%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. UniSuper Management Pty Ltd increased its stake in shares of Tanger by 84.0% during the first quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust's stock valued at $1,576,000 after purchasing an additional 24,369 shares in the last quarter. Hancock Whitney Corp boosted its holdings in Tanger by 46.8% in the first quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust's stock worth $2,116,000 after acquiring an additional 22,859 shares in the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Tanger by 3.6% in the first quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust's stock worth $2,783,000 after acquiring an additional 3,272 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Tanger by 9.0% in the first quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust's stock worth $2,150,000 after acquiring an additional 6,016 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its holdings in shares of Tanger by 23.2% during the first quarter. First Eagle Investment Management LLC now owns 112,704 shares of the real estate investment trust's stock valued at $3,328,000 after acquiring an additional 21,250 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.