Tanger (NYSE:SKT) Now Covered by Barclays

Barclays initiated coverage on shares of Tanger (NYSE:SKT - Free Report) in a research note 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.

Several other analysts also recently issued reports on the stock. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and lifted their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Evercore ISI upgraded shares of Tanger to a "hold" rating in a report on Friday, May 2nd. Finally, Scotiabank lowered their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $36.56.

Tanger Stock Up 1.4%

Shares of SKT stock traded up $0.43 on Wednesday, reaching $31.39. 795,385 shares of the company were exchanged, compared to its average volume of 836,661. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The company has a 50-day moving average of $30.28 and a 200-day moving average of $32.27. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 37.37, a PEG ratio of 2.90 and a beta of 1.17. Tanger has a one year low of $25.94 and a one year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting analysts' consensus estimates of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The business had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. During the same period in the prior year, the business earned $0.52 EPS. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. Analysts anticipate that Tanger will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The company also recently announced 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 of this dividend was Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.73%. This is a boost from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio (DPR) is currently 139.29%.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently modified their holdings of the business. Proficio Capital Partners LLC purchased a new position in Tanger in the fourth quarter worth $2,064,000. Mutual of America Capital Management LLC raised its stake in shares of 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 worth $572,000 after purchasing an additional 319 shares during the period. Metis Global Partners LLC boosted its holdings in shares of Tanger by 11.4% in the 4th quarter. Metis Global Partners LLC now owns 12,541 shares of the real estate investment trust's stock worth $428,000 after buying an additional 1,280 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after buying an additional 2,249 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Tanger by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock valued at $68,161,000 after buying an additional 31,750 shares during the period. 85.23% of the stock is 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.