Tanger Inc. (NYSE:SKT) Given Average Recommendation of "Hold" by Brokerages

Tanger Inc. (NYSE:SKT - Get Free Report) has received a consensus recommendation of "Hold" from the seven analysts that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $29.57.

A number of research firms have issued reports on SKT. Compass Point upgraded Tanger from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $31.00 to $32.00 in a report on Thursday, May 2nd. Citigroup upgraded Tanger from a "neutral" rating to a "buy" rating and raised their price target for the company from $30.00 to $33.00 in a report on Friday, March 22nd. Scotiabank raised Tanger from a "sector underperform" rating to a "sector perform" rating and increased their price objective for the company from $20.00 to $28.00 in a research report on Friday, May 17th. Evercore ISI dropped their price objective on Tanger from $29.00 to $28.00 and set an "in-line" rating on the stock in a research report on Wednesday, May 1st. Finally, Bank of America raised Tanger from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $24.00 to $31.00 in a research report on Friday, April 5th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in shares of Tanger by 33.1% during the 3rd quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust's stock worth $97,533,000 after acquiring an additional 1,072,443 shares in the last quarter. Wellington Management Group LLP raised its holdings in Tanger by 29.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust's stock valued at $89,350,000 after buying an additional 909,622 shares during the period. GRS Advisors LLC increased its stake in Tanger by 136.7% in the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust's stock worth $37,010,000 after purchasing an additional 771,066 shares during the period. Norges Bank purchased a new stake in Tanger in the fourth quarter worth $19,141,000. Finally, Waterfront Capital Partners LLC increased its stake in Tanger by 73.3% in the fourth quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust's stock worth $42,559,000 after purchasing an additional 649,610 shares during the period. Institutional investors own 85.23% of the company's stock.

Tanger Stock Down 0.6 %

SKT traded down $0.15 during trading on Thursday, reaching $27.01. The stock had a trading volume of 554,094 shares, compared to its average volume of 765,022. The stock's 50 day moving average is $28.00 and its two-hundred day moving average is $27.45. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 29.68, a P/E/G ratio of 3.17 and a beta of 1.85. Tanger has a one year low of $19.62 and a one year high of $29.98.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a $0.275 dividend. The ex-dividend date of this dividend was Monday, April 29th. This represents a $1.10 annualized dividend and a dividend yield of 4.07%. This is an increase from Tanger's previous quarterly dividend of $0.26. Tanger's dividend payout ratio (DPR) is 120.88%.

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.