Tanger (NYSE:SKT) Price Target Raised to $31.00

Tanger (NYSE:SKT) had its price target boosted by Evercore ISI from $29.00 to $31.00 in a report released on Monday, Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

A number of other equities analysts have also issued reports on the company. Compass Point upped their target price on Tanger from $32.00 to $34.00 and gave the company a buy rating in a research report on Wednesday, September 11th. Scotiabank upped 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. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Tanger currently has an average rating of Hold and an average target price of $31.33.

Tanger Trading Down 0.4 %

NYSE:SKT opened at $31.30 on Monday. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 34.40, a price-to-earnings-growth ratio of 3.21 and a beta of 1.89. Tanger has a one year low of $21.42 and a one year high of $32.05. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The business’s 50-day simple moving average is $29.09 and its 200 day simple moving average is $28.21.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.275 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.51%. Tanger’s payout ratio is 120.88%.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after purchasing an additional 608,547 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Tanger by 2.4% during the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after buying an additional 94,887 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Tanger by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after acquiring an additional 123,107 shares during the period. GRS Advisors LLC boosted its stake in Tanger by 136.7% in the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after acquiring an additional 771,066 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Tanger by 5.4% during the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock valued at $29,600,000 after purchasing an additional 55,794 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

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.