Tanger (NYSE:SKT) PT Raised to $29.00

Tanger (NYSE:SKT) had its price objective increased by Evercore ISI from $28.00 to $29.00 in a report released on Wednesday, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Other equities analysts have also issued reports about the stock. Compass Point upgraded shares of 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 boosted their price objective 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. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $30.67.

Tanger Price Performance

SKT opened at $30.44 on Wednesday. The firm has a market cap of $3.33 billion, a PE ratio of 33.45, a P/E/G ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a 1 year low of $21.42 and a 1 year high of $30.69. The stock has a 50-day moving average price of $27.91 and a 200-day moving average price of $27.98.

Tanger Dividend Announcement

The firm also recently declared 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. This represents a $1.10 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s payout ratio is currently 120.88%.

Hedge Funds Weigh In On Tanger

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Tanger by 3.6% during 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 acquiring an additional 608,547 shares during the last quarter. Wellington Management Group LLP lifted its position in Tanger by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after purchasing an additional 94,887 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Tanger by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock valued at $54,844,000 after purchasing an additional 110,297 shares during the period. Dimensional Fund Advisors LP increased its position in Tanger by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after buying an additional 123,107 shares in the last quarter. Finally, Waterfront Capital Partners LLC raised its stake in shares of Tanger by 73.3% in the fourth quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock worth $42,559,000 after buying an additional 649,610 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

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.