Tanger Inc. (NYSE:SKT) Receives $34.83 Average Target Price from Analysts

Tanger Inc. (NYSE:SKT) has received an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $34.86.

A number of analysts have recently weighed in on SKT shares. Citigroup raised their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Compass Point upped 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. The Goldman Sachs Group boosted their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Evercore ISI upped their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Blue Trust Inc. raised its stake in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 819 shares during the period. HHM Wealth Advisors LLC purchased a new position in Tanger during the second quarter valued at $27,000. Whittier Trust Co. acquired a new stake in shares of Tanger in the second quarter valued at about $33,000. GAMMA Investing LLC increased its stake in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC increased its stake in shares of Tanger by 418.6% during the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 1,398 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Trading Up 0.4 %

Shares of NYSE SKT opened at $35.86 on Thursday. Tanger has a twelve month low of $24.72 and a twelve month high of $36.46. The firm has a market cap of $3.97 billion, a PE ratio of 41.70, a price-to-earnings-growth ratio of 2.80 and a beta of 1.88. The business has a fifty day simple moving average of $33.40 and a two-hundred day simple moving average of $29.80. 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 posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 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 business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same period last year, the business posted $0.50 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. Analysts expect that Tanger will post 2.1 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.275 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.07%. Tanger’s dividend payout ratio is presently 127.91%.

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.