Tanger (NYSE:SKT) Rating Increased to Buy at Compass Point

Compass Point upgraded shares of Tanger (NYSE:SKT - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Thursday, MarketBeat Ratings reports. The firm currently has $32.00 price target on the real estate investment trust's stock, up from their previous price target of $31.00.

A number of other brokerages also recently issued reports on SKT. Citigroup raised Tanger from a neutral rating to a buy rating and upped their price target for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd. Evercore ISI lowered their price target on shares of Tanger from $29.00 to $28.00 and set an in-line rating on the stock in a report on Wednesday. Finally, Bank of America raised shares of Tanger from an underperform rating to a neutral rating and increased their target price for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Tanger has a consensus rating of Hold and an average price target of $29.83.

Tanger Stock Up 2.0 %

Tanger stock traded up $0.56 during mid-day trading on Thursday, reaching $27.99. 1,022,118 shares of the company were exchanged, compared to its average volume of 774,037. The business has a fifty day moving average of $28.42 and a 200 day moving average of $26.94. 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 firm has a market cap of $3.06 billion, a P/E ratio of 30.76, a PEG ratio of 3.58 and a beta of 1.85. Tanger has a 12-month low of $18.34 and a 12-month high of $29.98.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.275 per share. This is a boost from Tanger's previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, April 29th. Tanger's payout ratio is 120.88%.

Institutional Investors Weigh In On Tanger

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in Tanger by 33.1% during the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust's stock worth $97,533,000 after buying an additional 1,072,443 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Tanger by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust's stock valued at $112,223,000 after buying an additional 94,887 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Tanger by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust's stock valued at $54,844,000 after buying an additional 110,297 shares during the period. Waterfront Capital Partners LLC increased its position in Tanger by 73.3% during 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 last quarter. Finally, Dimensional Fund Advisors LP increased its position in Tanger by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,487,323 shares of the real estate investment trust's stock worth $41,230,000 after purchasing an additional 6,643 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.