Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Hold” by Brokerages

Tanger Inc. (NYSE:SKT) has been given an average recommendation of “Hold” by the eight research firms that are currently covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $36.00.

Several equities research analysts have issued reports on SKT shares. BMO Capital Markets started coverage on Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. Citigroup raised their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Evercore ISI raised their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price for the company.

Tanger Price Performance

NYSE:SKT opened at $35.45 on Friday. Tanger has a one year low of $25.94 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The stock has a market cap of $4.00 billion, a PE ratio of 40.75, a P/E/G ratio of 2.97 and a beta of 1.91. The stock has a 50 day moving average price of $33.82 and a 200 day moving average price of $33.45.

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

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. Tanger’s dividend payout ratio is currently 126.44%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SKT. Creative Planning boosted its position in shares of Tanger by 14.5% during the third quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock worth $320,000 after buying an additional 1,219 shares during the period. Blue Trust Inc. boosted its holdings in Tanger by 504.1% in the third quarter. Blue Trust Inc. now owns 5,298 shares of the real estate investment trust’s stock valued at $176,000 after purchasing an additional 4,421 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Tanger by 13.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after purchasing an additional 38,036 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Tanger by 3,218.0% during the 3rd quarter. International Assets Investment Management LLC now owns 14,931 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 14,481 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Tanger in the 3rd quarter valued at about $415,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

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.