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

Tanger Inc. (NYSE:SKT) has earned a consensus rating of “Hold” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $36.00.

A number of equities analysts have commented on the company. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. The Goldman Sachs Group raised 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. Evercore ISI upped their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Citigroup increased their price objective on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company.

Hedge Funds Weigh In On Tanger

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in shares of Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock worth $320,726,000 after buying an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP grew its position in Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after acquiring an additional 697,291 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Tanger by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock worth $68,161,000 after purchasing an additional 31,750 shares in the last quarter. Northern Trust Corp increased its holdings in Tanger by 56.4% in the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock worth $62,016,000 after purchasing an additional 655,237 shares in the last quarter. Finally, Millennium Management LLC raised its position in Tanger by 0.5% in the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock valued at $59,681,000 after purchasing an additional 8,590 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Down 1.5 %

SKT opened at $35.33 on Friday. The stock has a fifty day moving average of $33.81 and a 200-day moving average of $33.44. The company has a market capitalization of $3.91 billion, a P/E ratio of 40.60, a P/E/G ratio of 2.97 and a beta of 1.91. Tanger has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. On average, equities analysts expect that Tanger will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.11%. Tanger’s payout ratio is currently 126.44%.

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.