Brokerages Set Tanger Inc. (NYSE:SKT) Target Price at $36.40

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the ten analysts that are covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $36.40.

Several research analysts have weighed in on SKT shares. Scotiabank dropped their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. LADENBURG THALM/SH SH initiated coverage on Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 price target for the company. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and lifted their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Finally, Barclays began coverage on shares of Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective for the company.

Tanger Price Performance

SKT stock traded up $0.05 on Tuesday, hitting $31.85. 180,845 shares of the company's stock traded hands, compared to its average volume of 951,148. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 37.92, a P/E/G ratio of 2.10 and a beta of 1.17. Tanger has a 1-year low of $26.62 and a 1-year high of $37.57. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 2.37. The stock has a fifty day moving average of $30.57 and a 200-day moving average of $31.99.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.53. The company had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. Tanger's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 earnings per share. On average, analysts forecast that Tanger will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.67%. Tanger's payout ratio is presently 139.29%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its stake in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after purchasing an additional 1,873,835 shares in the last quarter. Nuveen LLC acquired a new position in Tanger in the first quarter valued at about $57,926,000. Nuveen Asset Management LLC raised its position 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 raised its holdings in Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after buying an additional 697,291 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after buying an additional 655,237 shares during the period. 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.