Tanger Inc. (NYSE:SKT) Receives $27.17 Average PT from Brokerages

Tanger Inc. (NYSE:SKT - Get Free Report) has been assigned an average rating of "Hold" from the six ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $27.17.

Several analysts have recently issued reports on the company. Citigroup raised Tanger from a "neutral" rating to a "buy" rating and increased their target price for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Evercore ISI increased their price objective on shares of Tanger from $28.00 to $29.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 28th. Finally, JPMorgan Chase & Co. upgraded shares of Tanger from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $27.00 to $29.00 in a research report on Monday, December 18th.

Institutional Investors Weigh In On Tanger

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Loomis Sayles & Co. L P grew its holdings in shares of Tanger by 4,051.4% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust's stock valued at $33,000 after purchasing an additional 1,418 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Tanger by 151.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,846 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 1,112 shares during the last quarter. West Tower Group LLC bought a new stake in shares of Tanger during the 2nd quarter valued at approximately $40,000. Point72 Hong Kong Ltd acquired a new stake in Tanger during the 1st quarter worth approximately $74,000. Finally, Advisory Services Network LLC boosted its position in Tanger by 84.7% during the 1st quarter. Advisory Services Network LLC now owns 3,845 shares of the real estate investment trust's stock worth $75,000 after buying an additional 1,763 shares during the period. 85.23% of the stock is owned by institutional investors.

Tanger Price Performance

Shares of SKT stock traded down $0.12 during trading on Wednesday, hitting $28.06. The company had a trading volume of 894,814 shares, compared to its average volume of 782,327. The firm has a market capitalization of $3.06 billion, a P/E ratio of 30.49, a price-to-earnings-growth ratio of 4.27 and a beta of 1.83. Tanger has a one year low of $18.00 and a one year high of $29.98. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.19 and a current ratio of 0.19. The stock's 50-day moving average price is $28.31 and its 200 day moving average price is $26.26.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend was Tuesday, January 30th. Tanger's payout ratio is 113.04%.

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.