Tanger Inc. (NYSE:SKT) Given Average Recommendation of “Moderate Buy” by Brokerages

Tanger Inc. (NYSE:SKT) has earned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $32.00.

Several research firms recently weighed in on SKT. Scotiabank raised their target price on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Compass Point raised their target price on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Bank of America raised their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Finally, Evercore ISI lifted their price objective on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th.

Hedge Funds Weigh In On Tanger

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Tanger by 31.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 252,340 shares of the real estate investment trust’s stock worth $7,452,000 after buying an additional 61,096 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Tanger by 2.0% during the first quarter. State of Alaska Department of Revenue now owns 115,090 shares of the real estate investment trust’s stock worth $3,397,000 after buying an additional 2,237 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of Tanger by 1.3% during the first quarter. Maryland State Retirement & Pension System now owns 38,802 shares of the real estate investment trust’s stock worth $1,146,000 after buying an additional 512 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Tanger by 9.0% during the first quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock worth $2,150,000 after buying an additional 6,016 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Tanger during the first quarter worth $91,000. 85.23% of the stock is owned by institutional investors.

Tanger Price Performance

NYSE:SKT opened at $34.42 on Friday. Tanger has a 1-year low of $21.42 and a 1-year high of $34.81. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The firm has a fifty day simple moving average of $31.89 and a 200 day simple moving average of $29.02. The stock has a market capitalization of $3.76 billion, a PE ratio of 38.24, a P/E/G ratio of 2.89 and a beta of 1.89.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.20%. Tanger’s dividend payout ratio (DPR) is 122.22%.

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.