Tanger Inc. (NYSE:SKT) Given Average Rating of “Hold” by Brokerages

Tanger Inc. (NYSE:SKT) has been given an average recommendation of “Hold” by the six research firms that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $29.00.

Several research firms have issued reports on SKT. Citigroup raised Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $30.00 to $33.00 in a report on Friday, March 22nd. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Evercore ISI increased their price target on Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th.

Tanger Stock Up 0.7 %

NYSE SKT opened at $28.88 on Friday. Tanger has a 12 month low of $18.00 and a 12 month high of $29.98. The company has a market capitalization of $3.15 billion, a P/E ratio of 31.39, a PEG ratio of 3.62 and a beta of 1.83. The company’s 50 day simple moving average is $28.46 and its 200 day simple moving average is $26.81. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.81%. This is a positive change from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date is Monday, April 29th. Tanger’s payout ratio is presently 113.04%.

Institutional Trading of Tanger

Hedge funds have recently made changes to their positions in the stock. Albert D Mason Inc. increased its stake in shares of Tanger by 0.8% in the first quarter. Albert D Mason Inc. now owns 80,811 shares of the real estate investment trust’s stock worth $2,386,000 after acquiring an additional 654 shares during the last quarter. Sightline Wealth Advisors LLC grew its stake in Tanger by 20.1% in the first quarter. Sightline Wealth Advisors LLC now owns 98,330 shares of the real estate investment trust’s stock valued at $2,904,000 after purchasing an additional 16,489 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Tanger by 1.1% in the 1st quarter. Louisiana State Employees Retirement System now owns 53,300 shares of the real estate investment trust’s stock worth $1,574,000 after purchasing an additional 600 shares during the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Tanger by 1.3% during the 1st quarter. Maryland State Retirement & Pension System now owns 38,802 shares of the real estate investment trust’s stock worth $1,146,000 after purchasing an additional 512 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Tanger by 2.0% during the 1st quarter. State of Alaska Department of Revenue now owns 115,090 shares of the real estate investment trust’s stock valued at $3,397,000 after buying an additional 2,237 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.