Tanger (NYSE:SKT) Given New $35.00 Price Target at Bank of America

Tanger (NYSE:SKT) had its price target raised by Bank of America from $31.00 to $35.00 in a research note published on Friday, Benzinga reports. Bank of America currently has a neutral rating on the real estate investment trust’s stock.

SKT has been the subject of a number of other research reports. Evercore ISI boosted their price objective on Tanger from $29.00 to $31.00 and gave the stock an in-line rating in a report on Monday, September 16th. Scotiabank boosted their price target on Tanger from $28.00 to $30.00 and gave the company a sector perform rating in a research note on Monday, August 26th. Finally, Compass Point increased their price objective on Tanger from $32.00 to $34.00 and gave the stock a buy rating in a research report on Wednesday, September 11th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $32.00.

Tanger Stock Performance

NYSE SKT opened at $33.63 on Friday. The stock has a market cap of $3.68 billion, a PE ratio of 36.96, a P/E/G ratio of 3.42 and a beta of 1.89. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a 50-day moving average of $30.68 and a 200-day moving average of $28.67. Tanger has a 52-week low of $21.42 and a 52-week high of $34.13.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.27%. Tanger’s payout ratio is 120.88%.

Institutional Trading of Tanger

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP lifted its stake in Tanger by 2.4% in the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after purchasing an additional 94,887 shares during the last quarter. Pensionfund DSM Netherlands boosted its holdings in shares of Tanger by 14.3% during the 1st quarter. Pensionfund DSM Netherlands now owns 32,000 shares of the real estate investment trust’s stock valued at $945,000 after acquiring an additional 4,000 shares in the last quarter. Pensionfund Sabic grew its position in Tanger by 25.9% during the 1st quarter. Pensionfund Sabic now owns 17,000 shares of the real estate investment trust’s stock worth $502,000 after acquiring an additional 3,500 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Tanger by 31.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 252,340 shares of the real estate investment trust’s stock worth $7,452,000 after purchasing an additional 61,096 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in Tanger by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 115,090 shares of the real estate investment trust’s stock valued at $3,397,000 after purchasing an additional 2,237 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.