Tanger Inc. (NYSE:SKT) Given Average Rating of “Hold” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $36.00.

SKT has been the subject of a number of analyst reports. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock.

Tanger Trading Down 1.1 %

NYSE:SKT opened at $31.87 on Wednesday. Tanger has a 12-month low of $25.94 and a 12-month high of $37.57. The firm has a market capitalization of $3.59 billion, a P/E ratio of 36.63, a P/E/G ratio of 2.97 and a beta of 1.88. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The business has a 50 day simple moving average of $33.65 and a 200 day simple moving average of $33.97.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating 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 business had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Equities research analysts predict that Tanger will post 2.24 EPS for the current year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s dividend payout ratio is presently 126.44%.

Insider Transactions at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s 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 sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mutual of America Capital Management LLC raised its stake in shares of Tanger by 1.9% in the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock worth $572,000 after buying an additional 319 shares in the last quarter. Maryland State Retirement & Pension System raised its position in shares of Tanger by 0.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock worth $1,272,000 after purchasing an additional 349 shares during the period. FIL Ltd raised its position in shares of 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 purchasing an additional 401 shares during the period. DAVENPORT & Co LLC raised its position in shares of Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after purchasing an additional 425 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in shares of Tanger by 1.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock worth $1,121,000 after purchasing an additional 480 shares during the period. Institutional investors own 85.23% of the company’s stock.

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.