Tanger (NYSE:SKT) Now Covered by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger (NYSE:SKT) in a research report sent to investors on Tuesday, MarketBeat.com reports. The firm issued a hold rating and a $37.00 target price on the real estate investment trust’s stock.

A number of other brokerages have also commented on SKT. The Goldman Sachs Group raised their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Finally, Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $36.00.

Tanger Trading Down 0.7 %

NYSE:SKT opened at $34.35 on Tuesday. The stock has a fifty day simple moving average of $35.25 and a 200 day simple moving average of $31.21. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 39.94, a price-to-earnings-growth ratio of 2.78 and a beta of 1.90. Tanger has a 1-year low of $25.67 and a 1-year high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s revenue was up 13.3% compared to the same quarter last year. Sell-side analysts forecast that Tanger will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.20%. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

Insider Transactions at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tanger

A number of institutional investors have recently made changes to their positions in SKT. FMR LLC boosted its stake in Tanger by 32.2% during the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after purchasing an additional 1,832,261 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tanger by 387.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock worth $25,728,000 after acquiring an additional 616,417 shares during the last quarter. Land & Buildings Investment Management LLC increased its position in Tanger by 52.4% during the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after acquiring an additional 358,860 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Tanger during the 2nd quarter valued at $4,539,000. Finally, Algert Global LLC boosted its holdings in Tanger by 183.7% in the 3rd quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock valued at $8,083,000 after purchasing an additional 157,742 shares during the period. 85.23% of the stock is currently owned by institutional investors.

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.