Tanger Inc. (NYSE:SKT) Receives Consensus Rating of “Hold” from Analysts

Tanger Inc. (NYSE:SKT) has earned a consensus recommendation of “Hold” from the eight ratings firms that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $36.00.

Several brokerages recently commented on SKT. BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock. Citigroup increased 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 boosted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, Evercore ISI raised their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th.

Insider Buying and Selling at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the 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 completion of the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Tanger

A number of institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Tanger during the 2nd quarter worth about $49,000. Loomis Sayles & Co. L P increased its stake in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Tanger by 62.0% in the third quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 790 shares during the last quarter. KBC Group NV grew its holdings in Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock worth $122,000 after acquiring an additional 881 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Tanger by 35.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after acquiring an additional 1,107 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Performance

SKT opened at $32.98 on Tuesday. The business has a 50 day moving average price of $34.38 and a two-hundred day moving average price of $32.71. Tanger has a 1-year low of $25.67 and a 1-year high of $37.57. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 38.35, a price-to-earnings-growth ratio of 2.72 and a beta of 1.91. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13.

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

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.34%. Tanger’s dividend payout ratio is 127.91%.

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.