Tanger Inc. (NYSE:SKT) Given Average Recommendation of “Hold” by Analysts

Tanger Inc. (NYSE:SKT) has been given an average recommendation of “Hold” by the seven analysts that are currently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $29.57.

A number of equities research analysts have recently issued reports on the company. Evercore ISI reduced their price objective on Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Compass Point upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $31.00 to $32.00 in a report on Thursday, May 2nd. Scotiabank upgraded Tanger from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $20.00 to $28.00 in a report on Friday, May 17th. Finally, Bank of America upgraded Tanger from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $24.00 to $31.00 in a report on Friday, April 5th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SKT. Loomis Sayles & Co. L P raised its position in shares of Tanger by 4,051.4% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,418 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Tanger in the 1st quarter worth about $91,000. Federated Hermes Inc. bought a new position in shares of Tanger in the 3rd quarter worth about $125,000. BOKF NA raised its position in shares of Tanger by 71.6% in the 1st quarter. BOKF NA now owns 4,884 shares of the real estate investment trust’s stock worth $143,000 after acquiring an additional 2,038 shares in the last quarter. Finally, SageView Advisory Group LLC bought a new position in shares of Tanger in the 1st quarter worth about $145,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Price Performance

NYSE:SKT opened at $27.15 on Thursday. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.20 and a current ratio of 0.20. The stock’s 50-day simple moving average is $28.03 and its 200 day simple moving average is $27.45. The company has a market cap of $2.97 billion, a P/E ratio of 29.84, a P/E/G ratio of 3.04 and a beta of 1.85. Tanger has a 52-week low of $19.62 and a 52-week high of $29.98.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 4.05%. Tanger’s payout ratio is presently 120.88%.

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.