Scotiabank Raises Tanger (NYSE:SKT) Price Target to $30.00

Tanger (NYSE:SKT) had its target price upped by Scotiabank from $28.00 to $30.00 in a research report report published on Monday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

SKT has been the subject of a number of other research reports. Evercore ISI decreased their target price on shares of Tanger from $29.00 to $28.00 and set an in-line rating for the company in a research note on Wednesday, May 1st. Compass Point upgraded shares of Tanger from a neutral rating to a buy rating and lifted their price target for the company from $31.00 to $32.00 in a report on Thursday, May 2nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $30.67.

Tanger Trading Up 0.4 %

NYSE:SKT opened at $30.43 on Monday. The firm has a market cap of $3.33 billion, a P/E ratio of 33.44, a P/E/G ratio of 2.85 and a beta of 1.90. The firm’s fifty day moving average is $27.76 and its 200-day moving average is $27.93. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 52 week low of $21.42 and a 52 week high of $30.69.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.61%. Tanger’s dividend payout ratio is presently 120.88%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dana Investment Advisors Inc. boosted its stake in shares of Tanger by 9.1% during the 2nd quarter. Dana Investment Advisors Inc. now owns 67,102 shares of the real estate investment trust’s stock worth $1,819,000 after acquiring an additional 5,583 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Tanger during the 2nd quarter valued at about $3,462,000. NewEdge Advisors LLC raised its holdings in shares of Tanger by 48.4% in the 2nd quarter. NewEdge Advisors LLC now owns 75,769 shares of the real estate investment trust’s stock worth $2,054,000 after buying an additional 24,724 shares in the last quarter. Algert Global LLC grew its position in Tanger by 256.6% in the second quarter. Algert Global LLC now owns 85,881 shares of the real estate investment trust’s stock valued at $2,328,000 after acquiring an additional 61,801 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Tanger by 5.7% during the second quarter. The Manufacturers Life Insurance Company now owns 59,460 shares of the real estate investment trust’s stock valued at $1,612,000 after acquiring an additional 3,184 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.