Citigroup Issues Positive Forecast for Tanger (NYSE:SKT) Stock Price

Tanger (NYSE:SKT) had its price objective increased by Citigroup from $34.00 to $41.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

SKT has been the topic of a number of other reports. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI boosted their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Up 0.4 %

Shares of Tanger stock opened at $35.86 on Wednesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 52-week low of $24.72 and a 52-week high of $36.46. The company’s 50 day moving average price is $33.40 and its 200-day moving average price is $29.80. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 41.70, a P/E/G ratio of 2.80 and a beta of 1.88.

Tanger (NYSE:SKT) last announced its quarterly earnings results 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 firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same period in the previous year, the company earned $0.50 EPS. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Equities research analysts forecast that Tanger will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.275 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.07%. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

Hedge Funds Weigh In On Tanger

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. boosted its position in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in Tanger during the second quarter valued at $27,000. Whittier Trust Co. purchased a new position in Tanger during the second quarter valued at $33,000. GAMMA Investing LLC boosted its holdings in Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 1,398 shares during the last quarter. 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.