Tanger Inc. (NYSE:SKT) Receives $31.33 Consensus PT from Brokerages

Tanger Inc. (NYSE:SKT) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $31.33.

A number of research analysts have commented on the company. Compass Point upped their price target on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Evercore ISI upped their target price on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Scotiabank lifted 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.

Tanger Stock Performance

Shares of NYSE:SKT opened at $33.00 on Wednesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The company has a 50-day moving average price of $29.73 and a 200-day moving average price of $28.35. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 36.26, a price-to-earnings-growth ratio of 3.30 and a beta of 1.89. Tanger has a 12 month low of $21.42 and a 12 month high of $33.24.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.33%. The ex-dividend date was Wednesday, July 31st. Tanger’s dividend payout ratio is currently 120.88%.

Institutional Trading of Tanger

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. GRS Advisors LLC boosted its stake in Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock worth $37,010,000 after acquiring an additional 771,066 shares in the last quarter. Norges Bank bought a new stake in shares of Tanger in the 4th quarter worth approximately $19,141,000. Vanguard Group Inc. grew its stake in shares of Tanger by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after buying an additional 608,547 shares during the last quarter. Land & Buildings Investment Management LLC grew its stake in shares of Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares during the last quarter. Finally, BROOKFIELD Corp ON bought a new position in Tanger during the 1st quarter valued at approximately $10,441,000. 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.