Tanger Inc. (NYSE:SKT) Receives $37.00 Consensus Price Target from Brokerages

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on 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 analysts have commented on SKT shares. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Scotiabank decreased their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. BMO Capital Markets started coverage on Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price target on the stock. Finally, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and boosted their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th.

Insider Buying and Selling

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction on Tuesday, March 11th. The stock was 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 $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Tanger

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

Tanger Stock Performance

SKT stock traded up $0.29 during trading on Thursday, reaching $30.15. 609,776 shares of the stock were exchanged, compared to its average volume of 790,723. Tanger has a twelve month low of $25.94 and a twelve month high of $37.57. 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 company has a market capitalization of $3.41 billion, a P/E ratio of 34.66, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18. The stock has a 50 day simple moving average of $31.92 and a 200-day simple moving average of $33.67.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting the consensus estimate 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 16.16% and a net margin of 18.65%. Tanger's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 EPS. As a group, sell-side analysts anticipate that Tanger will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a $0.2925 dividend. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.88%. Tanger's dividend payout ratio (DPR) is currently 139.29%.

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.