Tanger Inc. (NYSE:SKT) Given Average Rating of "Moderate Buy" by Analysts

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

A number of analysts have commented on the stock. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and upped their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Evercore ISI raised Tanger to a "hold" rating in a research note on Friday, May 2nd. Finally, Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd.

Tanger Stock Performance

Shares of SKT remained flat at $30.60 during mid-day trading on Friday. The stock had a trading volume of 1,340,432 shares, compared to its average volume of 834,213. The stock has a 50 day simple moving average of $30.30 and a 200 day simple moving average of $32.28. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $3.46 billion, a PE ratio of 36.43, a PEG ratio of 2.91 and a beta of 1.19. Tanger has a 52 week low of $25.94 and a 52 week high of $37.57.

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

Tanger Increases Dividend

The company also recently announced 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 represents a $1.17 dividend on an annualized basis and a dividend yield of 3.82%. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, April 30th. Tanger's dividend payout ratio is presently 139.29%.

Institutional Trading of Tanger

Several hedge funds have recently bought and sold shares of SKT. NBC Securities Inc. bought a new position in shares of Tanger in the first quarter valued at $30,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 733 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Tanger by 3,451.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 1,415 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in Tanger during the 4th quarter valued at about $68,000. Finally, Coppell Advisory Solutions LLC increased its holdings in Tanger by 144.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 1,399 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

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.