Tanger (NYSE:SKT) Price Target Raised to $41.00 at Citigroup

Tanger (NYSE:SKT) had its price objective upped by Citigroup from $34.00 to $41.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

A number of other brokerages have also recently commented on SKT. Evercore ISI lifted their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Compass Point upped their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Scotiabank increased their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Tanger presently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Stock Up 0.4 %

Shares of NYSE:SKT opened at $35.86 on Wednesday. The firm has a market capitalization of $3.97 billion, a PE ratio of 41.70, a price-to-earnings-growth ratio of 2.80 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 52-week low of $24.72 and a 52-week high of $36.46. The firm has a fifty day moving average of $33.40 and a 200 day moving average of $29.79.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same period last year, the business posted $0.50 earnings per share. The company’s revenue was up 13.3% compared to the same quarter last year. As a group, research analysts anticipate that Tanger will post 2.1 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.275 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.07%. Tanger’s dividend payout ratio (DPR) is 127.91%.

Institutional Investors Weigh In On Tanger

Several hedge funds have recently bought and sold shares of the business. Vestcor Inc raised its stake in Tanger by 3.3% during the third quarter. Vestcor Inc now owns 98,215 shares of the real estate investment trust’s stock valued at $3,259,000 after buying an additional 3,177 shares during the last quarter. Barclays PLC lifted its holdings in Tanger by 174.7% in the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after acquiring an additional 152,796 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Tanger by 0.7% in the third quarter. Public Employees Retirement System of Ohio now owns 157,260 shares of the real estate investment trust’s stock worth $5,218,000 after buying an additional 1,155 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of Tanger by 48.5% during the 3rd quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock worth $2,236,000 after acquiring an additional 22,002 shares during the last quarter. Finally, Beck Capital Management LLC lifted its position in Tanger by 77.3% during the third quarter. Beck Capital Management LLC now owns 109,276 shares of the real estate investment trust’s stock valued at $3,626,000 after purchasing an additional 47,642 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

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.