Tanger Inc. (NYSE:SKT) Receives $36.00 Consensus Target Price from Analysts

Tanger Inc. (NYSE:SKT) has earned an average recommendation of “Hold” from the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $36.00.

Several research firms have recently issued reports on SKT. BMO Capital Markets assumed coverage on Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price for the company.

Tanger Trading Down 1.6 %

Shares of SKT opened at $32.87 on Wednesday. The firm’s 50-day moving average is $33.65 and its two-hundred day moving average is $33.99. Tanger has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The firm has a market capitalization of $3.70 billion, a P/E ratio of 37.78, a PEG ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. On average, research analysts predict that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.35%. Tanger’s dividend payout ratio (DPR) is 126.44%.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock worth $320,726,000 after buying an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after acquiring an additional 697,291 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after purchasing an additional 31,750 shares during the period. Northern Trust Corp grew its holdings in Tanger by 56.4% in the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after purchasing an additional 655,237 shares during the period. Finally, Millennium Management LLC increased its position in Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock worth $59,681,000 after purchasing an additional 8,590 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.