Tanger (NYSE:SKT) Price Target Raised to $33.00 at Evercore ISI

Tanger (NYSE:SKT) had its price target lifted by Evercore ISI from $31.00 to $33.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on SKT. Bank of America upped their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Compass Point upped their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Scotiabank increased their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Tanger has an average rating of “Moderate Buy” and an average target price of $32.67.

Tanger Price Performance

Tanger stock opened at $35.53 on Thursday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a fifty day simple moving average of $32.89 and a 200-day simple moving average of $29.55. The stock has a market cap of $3.89 billion, a P/E ratio of 41.31, a price-to-earnings-growth ratio of 3.01 and a beta of 1.88. Tanger has a 12-month low of $23.82 and a 12-month high of $35.85.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

Institutional Investors Weigh In On Tanger

Several large investors have recently modified their holdings of the company. Intech Investment Management LLC increased its holdings in shares of Tanger by 61.7% in the 3rd quarter. Intech Investment Management LLC now owns 39,810 shares of the real estate investment trust’s stock valued at $1,321,000 after acquiring an additional 15,197 shares during the period. Quest Partners LLC increased its stake in Tanger by 6.9% in the third quarter. Quest Partners LLC now owns 32,891 shares of the real estate investment trust’s stock valued at $1,091,000 after purchasing an additional 2,111 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Tanger by 13.6% in the third quarter. Thrivent Financial for Lutherans now owns 418,712 shares of the real estate investment trust’s stock valued at $13,893,000 after buying an additional 50,100 shares during the last quarter. Natixis Advisors LLC raised its holdings in shares of Tanger by 55.3% in the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after buying an additional 25,683 shares during the last quarter. Finally, Metis Global Partners LLC boosted its stake in shares of Tanger by 29.7% during the third quarter. Metis Global Partners LLC now owns 11,261 shares of the real estate investment trust’s stock worth $374,000 after buying an additional 2,577 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

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.