Tanger Inc. (NYSE:SKT) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight brokerages that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $37.00.

SKT has been the subject of several research reports. Scotiabank dropped their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and raised their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, Evercore ISI raised shares of Tanger to a "hold" rating in a research report on Friday, May 2nd.

Insider Transactions at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. The trade was a 9.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKT. Barclays PLC grew its position in shares of Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock worth $7,973,000 after acquiring an additional 152,796 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after purchasing an additional 583 shares during the last quarter. KBC Group NV grew its position in Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Tanger by 1.4% in the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after buying an additional 425 shares during the last quarter. Finally, abrdn plc raised its holdings in shares of Tanger by 59.0% in the fourth quarter. abrdn plc now owns 35,492 shares of the real estate investment trust's stock valued at $1,203,000 after buying an additional 13,165 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Stock Performance

SKT traded down $0.22 during midday trading on Monday, hitting $29.58. 727,335 shares of the company were exchanged, compared to its average volume of 812,231. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The company's 50 day simple moving average is $31.04 and its 200 day simple moving average is $33.16. Tanger has a 1-year low of $25.94 and a 1-year high of $37.57. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 34.00, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm had revenue of $129.29 million during the quarter, compared to the consensus estimate of $128.24 million. During the same quarter last year, the firm earned $0.52 EPS. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. As a group, sell-side analysts predict that Tanger will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Wednesday, April 30th. Tanger's payout ratio is 139.29%.

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.