Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of “Hold” from Brokerages

Tanger Inc. (NYSE:SKT) has been assigned an average recommendation of “Hold” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $36.00.

SKT has been the topic of several research analyst reports. 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 note on Friday, November 15th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. Citigroup raised their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, Compass Point increased their price target on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th.

Tanger Price Performance

SKT opened at $34.01 on Friday. The company has a market capitalization of $3.76 billion, a P/E ratio of 39.55, a PEG ratio of 2.78 and a beta of 1.90. The company has a 50-day moving average of $35.24 and a 200-day moving average of $31.68. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 1-year low of $25.67 and a 1-year high of $37.57.

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

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given 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 dividend yield of 3.23%. Tanger’s dividend payout ratio is presently 127.91%.

Insider Buying and Selling

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Tanger

Several large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 790 shares during the period. KBC Group NV grew its holdings in Tanger by 31.5% during the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock worth $122,000 after acquiring an additional 881 shares during the period. Arizona State Retirement System raised its position in Tanger by 3.0% in the second quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock worth $827,000 after acquiring an additional 897 shares in the last quarter. Inspire Investing LLC lifted its holdings in Tanger by 7.7% in the 2nd quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock valued at $353,000 after acquiring an additional 931 shares during the last quarter. Finally, HHM Wealth Advisors LLC bought a new position in shares of Tanger during the 2nd quarter valued at about $27,000. Institutional investors and hedge funds 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.