Tanger Inc. (NYSE:SKT) Receives Average Rating of “Hold” from Analysts

Tanger Inc. (NYSE:SKTGet Free Report) has been given a consensus recommendation of “Hold” by the six brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $24.67.

SKT has been the subject of several research reports. JPMorgan Chase & Co. raised shares of Tanger from a “neutral” rating to an “overweight” rating and upped their price target for the company from $27.00 to $29.00 in a research report on Monday, December 18th. Compass Point lowered Tanger from a “buy” rating to a “neutral” rating and set a $26.00 target price on the stock. in a research note on Wednesday, November 8th.

View Our Latest Research Report on SKT

Insider Buying and Selling at Tanger

In related news, insider Steven B. Tanger sold 75,000 shares of Tanger stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $25.01, for a total transaction of $1,875,750.00. Following the completion of the transaction, the insider now directly owns 1,126,983 shares of the company’s stock, valued at $28,185,844.83. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Tanger news, insider Steven B. Tanger sold 64,212 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $25.50, for a total transaction of $1,637,406.00. Following the completion of the sale, the insider now owns 1,062,771 shares of the company’s stock, valued at $27,100,660.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven B. Tanger sold 75,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $25.01, for a total value of $1,875,750.00. Following the completion of the sale, the insider now directly owns 1,126,983 shares of the company’s stock, valued at approximately $28,185,844.83. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Tanger

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKT. Loomis Sayles & Co. L P raised its holdings in shares of Tanger by 4,051.4% during the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,418 shares in the last quarter. West Tower Group LLC purchased a new stake in shares of Tanger during the second quarter worth $40,000. Tower Research Capital LLC TRC raised its holdings in shares of Tanger by 151.5% during the first quarter. Tower Research Capital LLC TRC now owns 1,846 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 1,112 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of Tanger by 84.7% during the first quarter. Advisory Services Network LLC now owns 3,845 shares of the real estate investment trust’s stock worth $75,000 after acquiring an additional 1,763 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Tanger during the first quarter worth $74,000. 84.94% of the stock is owned by institutional investors.

Tanger Price Performance

SKT opened at $27.18 on Tuesday. The company has a debt-to-equity ratio of 2.78, a quick ratio of 2.04 and a current ratio of 2.04. The firm has a market cap of $2.86 billion, a P/E ratio of 31.24, a PEG ratio of 3.41 and a beta of 1.83. Tanger has a fifty-two week low of $17.22 and a fifty-two week high of $28.77. The firm has a 50-day moving average of $27.29 and a 200 day moving average of $24.92.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, January 30th. This represents a $1.04 dividend on an annualized basis and a yield of 3.83%. Tanger’s dividend payout ratio is presently 119.54%.

Tanger Company Profile

(Get Free Report

Tanger Factory Outlet Centers, Inc (NYSE: SKT), a leading operator of upscale open-air outlet centers, fully or partially owns and/or manages a portfolio of 37 centers, including the newly opened Tanger Outlets Nashville. Tanger's operating centers, which comprise over 14 million square feet, are located in 20 states and in Canada and are leased to over 2,900 stores operated by more than 700 different brand name companies.

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Analyst Recommendations for Tanger (NYSE:SKT)

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