Tanger (NYSE:SKT) PT Raised to $30.00 at Scotiabank

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

Several other equities research analysts have also issued reports on the company. Compass Point raised Tanger from a neutral rating to a buy rating and upped their price target for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Evercore ISI dropped their target price on shares of Tanger from $29.00 to $28.00 and set an in-line rating on the stock in a report on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Tanger presently has an average rating of Hold and a consensus target price of $30.67.

Tanger Stock Down 0.9 %

NYSE:SKT opened at $30.18 on Monday. The stock has a 50-day simple moving average of $27.83 and a 200 day simple moving average of $27.95. Tanger has a one year low of $21.42 and a one year high of $30.69. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 33.16, a price-to-earnings-growth ratio of 2.85 and a beta of 1.90. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.64%. Tanger’s dividend payout ratio (DPR) is presently 120.88%.

Institutional Trading of Tanger

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Tanger by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after purchasing an additional 608,547 shares during the period. Wellington Management Group LLP raised its stake in Tanger by 2.4% during the 4th 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 acquiring an additional 94,887 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Tanger by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock worth $54,844,000 after acquiring an additional 110,297 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of 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 purchasing an additional 123,107 shares in the last quarter. Finally, Waterfront Capital Partners LLC grew 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 purchasing an additional 649,610 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.