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

Key Points

• Tanger Inc. (NYSE:SKT) has an average broker rating of "Moderate Buy", with a target price of $36.40 based on recent analysis.
• The company reported a 9.2% year-over-year revenue increase with earnings per share of $0.58, exceeding estimates.
• Recent institutional activity shows significant investment increases, with hedge funds owning 85.23% of the stock, indicating strong institutional interest.

Tanger Inc. (NYSE:SKT - Get Free Report) has received an average rating of "Moderate Buy" from the ten ratings firms that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $36.40.

A number of equities analysts have recently commented on the stock. Scotiabank cut their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Barclays started coverage on shares of Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd.

Institutional Investors Weigh In On Tanger

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN raised its stake in Tanger by 8.7% in the 4th quarter. Wells Fargo & Company MN now owns 203,243 shares of the real estate investment trust's stock valued at $6,937,000 after purchasing an additional 16,296 shares during the last quarter. Bank of Montreal Can raised its stake in Tanger by 12.1% in the 4th quarter. Bank of Montreal Can now owns 16,351 shares of the real estate investment trust's stock valued at $558,000 after purchasing an additional 1,764 shares during the last quarter. Invesco Ltd. raised its stake in Tanger by 9.5% in the 4th quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust's stock valued at $30,562,000 after purchasing an additional 78,014 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Tanger in the 4th quarter valued at about $4,972,000. Finally, Summit Investment Advisors Inc. raised its stake in Tanger by 5.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust's stock valued at $380,000 after purchasing an additional 553 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Performance

Shares of Tanger stock opened at $32.29 on Friday. The firm's fifty day simple moving average is $31.15 and its 200-day simple moving average is $31.81. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.13 and a beta of 1.23. Tanger has a 12 month low of $27.84 and a 12 month high of $37.57. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company's quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 EPS. As a group, equities analysts forecast that Tanger will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $0.2925 dividend. The ex-dividend date was Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.6%. Tanger's payout ratio is currently 132.95%.

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.

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