Tanger (NYSE:SKT) Given New $30.00 Price Target at Scotiabank

Tanger (NYSE:SKT) had its price objective hoisted by Scotiabank from $28.00 to $30.00 in a report issued on Monday, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other research firms also recently weighed in on SKT. Evercore ISI lowered their target price on Tanger from $29.00 to $28.00 and set an in-line rating on the stock in a report on Wednesday, May 1st. Compass Point raised shares of Tanger from a neutral rating to a buy rating and raised their target price for the company from $31.00 to $32.00 in a research note on Thursday, May 2nd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $30.67.

Tanger Trading Up 0.4 %

NYSE:SKT opened at $30.43 on Monday. Tanger has a one year low of $21.42 and a one year high of $30.69. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The company’s 50-day simple moving average is $27.76 and its 200 day simple moving average is $27.93. The firm has a market capitalization of $3.33 billion, a P/E ratio of 33.44, a PEG ratio of 2.85 and a beta of 1.90.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.61%. Tanger’s payout ratio is 120.88%.

Hedge Funds Weigh In On Tanger

Several institutional investors and hedge funds have recently modified their holdings of SKT. Blue Trust Inc. increased its holdings in shares of Tanger by 1,412.1% in 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 acquired a new stake in shares of Tanger during the second quarter valued at about $27,000. Whittier Trust Co. purchased a new stake in shares of Tanger in the 2nd quarter valued at approximately $33,000. GAMMA Investing LLC boosted its position in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares during the period. Finally, CWM LLC increased its holdings in 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. Hedge funds and other 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.