Tanger (NYSE:SKT) Given New $36.00 Price Target at Compass Point

Tanger (NYSE:SKT) had its target price hoisted by Compass Point from $34.00 to $36.00 in a report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Several other analysts have also commented on the stock. 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 report on Monday, August 26th. Bank of America raised their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Finally, Evercore ISI upped their target price on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.33.

Tanger Stock Down 2.1 %

Shares of SKT stock traded down $0.73 during mid-day trading on Friday, hitting $33.69. The stock had a trading volume of 551,783 shares, compared to its average volume of 733,419. The firm has a market capitalization of $3.68 billion, a P/E ratio of 37.42, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a 12-month low of $21.42 and a 12-month high of $34.81. The firm’s 50-day moving average is $32.01 and its two-hundred day moving average is $29.06.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is 122.22%.

Hedge Funds Weigh In On Tanger

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after acquiring an additional 608,547 shares during the period. Land & Buildings Investment Management LLC boosted its holdings in Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares during the last quarter. BROOKFIELD Corp ON purchased a new stake in Tanger during the 1st quarter worth approximately $10,441,000. Burney Co. acquired a new position in shares of Tanger during the first quarter valued at approximately $7,158,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Tanger in the second quarter valued at approximately $4,539,000. Institutional investors and hedge funds 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.