Tanger (NYSE:SKT – Free Report) 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.
Check Out Our Latest Research Report on SKT
Tanger Stock Down 0.9 %
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.
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