Analysts Set Tanger Inc. (NYSE:SKT) Price Target at $36.00

Tanger Inc. (NYSE:SKT) has been assigned a consensus recommendation of “Hold” from the eight ratings firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $36.00.

SKT has been the subject of a number of recent analyst reports. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Citigroup increased their price objective on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Evercore ISI upped their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after acquiring an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after purchasing an additional 697,291 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Tanger by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after purchasing an additional 31,750 shares during the period. Northern Trust Corp increased its stake in Tanger by 56.4% during the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after purchasing an additional 655,237 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock worth $59,681,000 after buying an additional 8,590 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Price Performance

Shares of NYSE:SKT opened at $35.33 on Friday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger has a 52 week low of $25.94 and a 52 week high of $37.57. The firm has a market cap of $3.91 billion, a PE ratio of 40.60, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91. The firm’s fifty day moving average is $33.81 and its 200-day moving average is $33.44.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Sell-side analysts predict that Tanger will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.11%. Tanger’s dividend payout ratio is presently 126.44%.

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.