Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Tanger Inc. (NYSE:SKT) have received a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $29.57.

A number of research analysts recently commented on the company. Evercore ISI reduced their price target on Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and increased their target price for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Scotiabank upgraded shares of Tanger from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the company from $20.00 to $28.00 in a research note on Friday, May 17th. Finally, Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $31.00 to $32.00 in a research report on Thursday, May 2nd.

Institutional Investors Weigh In On Tanger

Several institutional investors and hedge funds have recently bought and sold shares of SKT. Loomis Sayles & Co. L P boosted its stake in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 1,418 shares during the period. Fidelis Capital Partners LLC acquired a new position in Tanger during the 1st quarter valued at approximately $91,000. BOKF NA grew its stake in Tanger by 71.6% during the 1st quarter. BOKF NA now owns 4,884 shares of the real estate investment trust’s stock worth $143,000 after buying an additional 2,038 shares during the last quarter. SageView Advisory Group LLC acquired a new stake in Tanger in the first quarter worth $145,000. Finally, Federated Hermes Inc. bought a new stake in Tanger in the third quarter valued at $125,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

NYSE:SKT opened at $26.55 on Monday. The firm has a 50-day moving average of $27.51 and a two-hundred day moving average of $27.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market cap of $2.90 billion, a P/E ratio of 29.18, a PEG ratio of 3.08 and a beta of 1.85. Tanger has a 1-year low of $20.34 and a 1-year high of $29.98.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were issued a $0.275 dividend. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 4.14%. Tanger’s payout ratio is 120.88%.

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.