Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Tanger Inc. (NYSE:SKT) has been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $36.63.

A number of equities analysts have weighed in on SKT shares. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock. Finally, BMO Capital Markets started coverage on shares of Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price on the stock.

Insider Activity

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

Several hedge funds have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC raised its holdings in Tanger by 1.9% during the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock worth $572,000 after purchasing an additional 319 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Tanger by 0.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock worth $1,272,000 after buying an additional 349 shares in the last quarter. FIL Ltd lifted its holdings in shares of Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 401 shares during the period. DAVENPORT & Co LLC boosted its stake in Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock valued at $1,074,000 after buying an additional 425 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in 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 acquiring an additional 480 shares during the period. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

SKT stock opened at $30.91 on Friday. The stock’s 50 day moving average price is $33.34 and its 200 day moving average price is $34.01. The firm has a market cap of $3.50 billion, a P/E ratio of 35.52, a PEG ratio of 2.97 and a beta of 1.49. 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 has a 1 year low of $25.94 and a 1 year high of $37.57.

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

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This is a positive change from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.79%. Tanger’s payout ratio is presently 134.48%.

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.