Tanger Inc. (NYSE:SKT) Given Average Recommendation of “Hold” by Brokerages

Tanger Inc. (NYSE:SKT) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $29.57.

Several analysts have issued reports on the stock. Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $31.00 to $32.00 in a research note on Thursday, May 2nd. Evercore ISI lowered their target price on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Finally, Scotiabank upgraded shares of Tanger from a “sector underperform” rating to a “sector perform” rating and upped their price target for the company from $20.00 to $28.00 in a report on Friday, May 17th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its position in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Tanger in the 2nd quarter valued at $27,000. Whittier Trust Co. acquired a new position in Tanger in the 2nd quarter worth $33,000. GAMMA Investing LLC boosted its stake in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares during the period. Finally, CWM LLC boosted its stake in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 1,398 shares during the period. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Shares of NYSE:SKT opened at $27.83 on Tuesday. The stock has a fifty day moving average of $27.36 and a 200-day moving average of $27.77. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.20 and a current ratio of 0.13. Tanger has a one year low of $21.42 and a one year high of $29.98. The company has a market capitalization of $3.04 billion, a PE ratio of 30.58, a price-to-earnings-growth ratio of 2.91 and a beta of 1.90.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Wednesday, July 31st. Tanger’s dividend payout ratio (DPR) is currently 120.88%.

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.