Barclays Begins Coverage on Tanger (NYSE:SKT)

Barclays initiated coverage on shares of Tanger (NYSE:SKT - Free Report) in a report released on Wednesday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $33.00 price objective on the real estate investment trust's stock.

Other analysts also recently issued reports about the company. Evercore ISI raised Tanger to a "hold" rating in a report on Friday, May 2nd. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, Scotiabank reduced their price target on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $36.56.

Tanger Stock Up 0.9%

Shares of NYSE:SKT traded up $0.29 during trading on Wednesday, hitting $31.66. 621,917 shares of the company were exchanged, compared to its average volume of 834,677. The stock has a market capitalization of $3.58 billion, a P/E ratio of 37.68, a PEG ratio of 3.01 and a beta of 1.17. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. Tanger has a 12-month low of $26.05 and a 12-month high of $37.57. The firm's 50 day moving average price is $30.26 and its 200-day moving average price is $32.20.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting analysts' consensus estimates of $0.53. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The firm had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. During the same period in the previous year, the company earned $0.52 earnings per share. Tanger's quarterly revenue was up 9.7% compared to the same quarter last year. On average, research analysts predict that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.70%. This is an increase from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio is presently 139.29%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in Tanger during the first quarter worth about $30,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Tanger by 232.7% during the fourth 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 period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Tanger by 3,451.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 1,415 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Tanger in the 4th quarter worth about $68,000. Finally, Coppell Advisory Solutions LLC grew its holdings in 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 purchasing an additional 1,399 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.