Tanger Inc. (NYSE:SKT) Given Consensus Rating of "Moderate Buy" by Brokerages

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

A number of research firms have recently issued reports on SKT. 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. BMO Capital Markets began coverage on Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Scotiabank decreased their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Finally, Evercore ISI upgraded Tanger to a "hold" rating in a research note on Friday, May 2nd.

Insider Transactions at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred 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 transaction, the chief operating officer now 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Tanger

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mutual of America Capital Management LLC raised its stake in shares of Tanger by 1.9% in the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock valued at $572,000 after purchasing an additional 319 shares during the period. Maryland State Retirement & Pension System grew its holdings in shares of Tanger by 0.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust's stock worth $1,272,000 after buying an additional 349 shares in the last quarter. FIL Ltd raised its position in Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after buying an additional 401 shares during the last quarter. DAVENPORT & Co LLC lifted its stake in Tanger by 1.4% in the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after acquiring an additional 425 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in Tanger by 1.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock worth $1,121,000 after acquiring an additional 480 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Price Performance

Shares of Tanger stock traded down $0.04 during midday trading on Thursday, hitting $31.60. 115,899 shares of the company were exchanged, compared to its average volume of 793,458. The firm has a 50 day simple moving average of $31.84 and a 200-day simple moving average of $33.65. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm has a market cap of $3.58 billion, a P/E ratio of 36.32, a PEG ratio of 2.97 and a beta of 1.18. Tanger has a 52 week low of $25.94 and a 52 week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.53. The company had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business's revenue was up 9.7% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share. Research analysts forecast that Tanger will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a $0.2925 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.70%. Tanger's dividend payout ratio (DPR) is presently 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.