Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Hold” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have earned an average rating of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $36.00.

A number of brokerages recently weighed in on SKT. BMO Capital Markets initiated coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company. Compass Point increased their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Citigroup raised their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price for the company.

Insider Buying and Selling at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently added to or reduced their stakes in SKT. Investment Management Associates Inc. ADV lifted its position in shares of Tanger by 17.3% during the 4th quarter. Investment Management Associates Inc. ADV now owns 10,185 shares of the real estate investment trust’s stock valued at $348,000 after acquiring an additional 1,500 shares during the period. Handelsbanken Fonder AB raised its stake in Tanger by 11.3% during the 4th quarter. Handelsbanken Fonder AB now owns 35,353 shares of the real estate investment trust’s stock worth $1,207,000 after buying an additional 3,600 shares during the period. CIBC Asset Management Inc acquired a new stake in Tanger in the fourth quarter valued at approximately $200,000. Principal Financial Group Inc. increased its holdings in shares of Tanger by 5.4% during the fourth quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust’s stock valued at $20,521,000 after acquiring an additional 30,618 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of Tanger by 2.6% during the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust’s stock worth $13,637,000 after purchasing an additional 10,283 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Price Performance

SKT opened at $32.98 on Tuesday. The company has a fifty day simple moving average of $34.38 and a 200 day simple moving average of $32.71. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock has a market cap of $3.65 billion, a P/E ratio of 38.35, a P/E/G ratio of 2.72 and a beta of 1.91. Tanger has a 12 month low of $25.67 and a 12 month high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter last year, the firm earned $0.50 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts expect that Tanger will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.275 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.34%. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

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.