Tanger Inc. (NYSE:SKT) Receives $36.00 Average Price Target from Analysts

Shares of Tanger Inc. (NYSE:SKT) have been assigned an average rating of “Hold” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $36.00.

A number of brokerages have recently commented on SKT. Citigroup upped their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock. Evercore ISI increased their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, The Goldman Sachs Group increased their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th.

Hedge Funds Weigh In On Tanger

A number of hedge funds have recently made changes to their positions in SKT. Aster Capital Management DIFC Ltd raised its holdings in shares of Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 733 shares during the last quarter. Loomis Sayles & Co. L P raised its holdings in shares of Tanger by 3,393.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after acquiring an additional 1,663 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Tanger during the fourth quarter valued at approximately $68,000. Coppell Advisory Solutions LLC raised its holdings in shares of Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 514 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Up 1.0 %

Shares of SKT opened at $35.45 on Friday. Tanger has a 52 week low of $25.94 and a 52 week high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 40.75, a PEG ratio of 2.97 and a beta of 1.91. The stock’s 50-day moving average price is $33.82 and its 200-day moving average price is $33.45.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. On average, sell-side analysts predict that Tanger will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.10%. Tanger’s payout ratio is currently 126.44%.

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.