Tanger (NYSE:SKT) Shares Gap Up – Should You Buy?

Tanger Inc. (NYSE:SKT) gapped up before the market opened on Friday . The stock had previously closed at $32.86, but opened at $33.56. Tanger shares last traded at $33.12, with a volume of 96,351 shares.

Wall Street Analyst Weigh In

SKT has been the subject of a number of research reports. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $39.00 to $40.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company. Finally, BMO Capital Markets initiated coverage on Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.63.

Tanger Trading Up 0.6 %

The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm has a fifty day simple moving average of $33.64 and a 200-day simple moving average of $33.98. The firm has a market cap of $3.73 billion, a P/E ratio of 38.01, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analysts’ expectations of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. On average, equities research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.33%. Tanger’s dividend payout ratio is presently 126.44%.

Insider Buying and Selling at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Tanger

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