Tanger (NYSE:SKT) Price Target Raised to $41.00

Tanger (NYSE:SKT) had its target price raised by Citigroup from $34.00 to $41.00 in a report released on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the stock. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Scotiabank lifted their target price on Tanger from $28.00 to $30.00 and gave the stock 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 stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Compass Point increased their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Trading Up 0.4 %

SKT opened at $35.86 on Wednesday. Tanger has a fifty-two week low of $24.72 and a fifty-two week high of $36.46. The firm has a market capitalization of $3.97 billion, a PE ratio of 41.70, a P/E/G ratio of 2.80 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The company’s 50-day moving average is $33.40 and its 200 day moving average is $29.79.

Tanger (NYSE:SKT) last issued 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 company had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the company earned $0.50 earnings per share. As a group, research analysts predict that Tanger will post 2.1 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, October 31st. Tanger’s payout ratio is currently 127.91%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SKT. Blue Trust Inc. grew its holdings in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 819 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in Tanger during the second quarter valued at approximately $27,000. Whittier Trust Co. bought a new stake in Tanger during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC lifted its stake in Tanger by 44.6% in 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 in the last quarter. Finally, Loomis Sayles & Co. L P grew its position in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 1,663 shares in the last quarter. 85.23% of the stock is currently 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.