Analysts Set Tanger Inc. (NYSE:SKT) Target Price at $36.63

Tanger Inc. (NYSE:SKT - Get Free Report) has been given an average rating of "Moderate Buy" by the eight brokerages that are currently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $36.63.

A number of brokerages have recently issued reports on SKT. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price for the company. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $39.00 to $40.00 in a research note on Friday, March 28th.

Tanger Stock Performance

NYSE:SKT traded up $0.31 during mid-day trading on Friday, hitting $32.25. 74,099 shares of the company's stock traded hands, compared to its average volume of 865,870. 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 firm has a 50 day moving average of $33.22 and a two-hundred day moving average of $33.98. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 37.09, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. Tanger has a 12 month low of $25.94 and a 12 month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. On average, equities analysts forecast that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be paid 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 3.63%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's dividend payout ratio is 134.48%.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction 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 approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tanger

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its position in shares of Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after acquiring an additional 1,873,835 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Tanger by 78.6% during the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock worth $58,525,000 after purchasing an additional 754,429 shares during the period. Wellington Management Group LLP increased its holdings in Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock valued at $93,805,000 after purchasing an additional 697,291 shares during the last quarter. Northern Trust Corp lifted its stake in Tanger by 56.4% in the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock valued at $62,016,000 after buying an additional 655,237 shares during the period. Finally, Norges Bank bought a new position in Tanger during the fourth quarter worth about $22,239,000. 85.23% of the stock is owned by institutional investors.

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.