Tanger (NYSE:SKT) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research report released on Monday, MarketBeat reports. They currently have $40.00 price target on the real estate investment trust’s stock, up from their prior price target of $35.00.

SKT has been the topic of several other research reports. Scotiabank lifted their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI lifted 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. Finally, Compass Point boosted their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.50.

Tanger Price Performance

NYSE SKT opened at $36.11 on Monday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger has a 12 month low of $24.25 and a 12 month high of $36.20. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 41.99, a PEG ratio of 3.01 and a beta of 1.88. The company’s 50 day moving average is $33.00 and its two-hundred day moving average is $29.61.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. As a group, research analysts anticipate that Tanger will post 2.1 earnings per share for the current year.

Tanger Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.05%. Tanger’s dividend payout ratio (DPR) is 127.91%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its position in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in Tanger in the second quarter worth about $27,000. Whittier Trust Co. bought a new stake in Tanger during the second quarter worth approximately $33,000. GAMMA Investing LLC raised its position in Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 393 shares during the period. Finally, CWM LLC lifted its stake in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,398 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other 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.