Analysts Set Tanger Inc. (NYSE:SKT) Target Price at $36.63

Tanger Inc. (NYSE:SKT) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $36.63.

Several analysts have recently issued reports on the stock. BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target on the stock. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $39.00 to $40.00 in a research report on Friday, March 28th.

Insider Activity at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were 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 of the company’s stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.70% of the stock is currently owned by insiders.

Institutional Trading of Tanger

Several large investors have recently modified their holdings of the business. Stifel Financial Corp raised its stake in Tanger by 48.5% in the 3rd quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock valued at $2,236,000 after purchasing an additional 22,002 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Tanger by 0.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 157,260 shares of the real estate investment trust’s stock valued at $5,218,000 after buying an additional 1,155 shares during the period. Barclays PLC grew its position in Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after acquiring an additional 152,796 shares during the period. Franklin Resources Inc. increased its position in Tanger by 2.3% during the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock worth $3,205,000 after purchasing an additional 2,169 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Tanger by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust’s stock valued at $14,762,000 after acquiring an additional 9,701 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 1.4 %

Shares of NYSE SKT opened at $32.38 on Friday. Tanger has a 1 year low of $25.94 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The company has a market capitalization of $3.67 billion, a P/E ratio of 37.22, a P/E/G ratio of 2.97 and a beta of 1.49. The company has a 50 day simple moving average of $33.19 and a 200-day simple moving average of $33.98.

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

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. The ex-dividend date is Wednesday, April 30th. This is an increase from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.61%. Tanger’s dividend payout ratio is currently 134.48%.

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.