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

Shares of Tanger Inc. (NYSE:SKT) have been given an average rating of “Hold” by the six brokerages that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $29.00.

Several equities research analysts have commented on the stock. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI upped their target price on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, Citigroup raised Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $30.00 to $33.00 in a research report on Friday, March 22nd.

Hedge Funds Weigh In On Tanger

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Albert D Mason Inc. increased its position in Tanger by 0.8% during the first quarter. Albert D Mason Inc. now owns 80,811 shares of the real estate investment trust’s stock worth $2,386,000 after buying an additional 654 shares during the last quarter. Sightline Wealth Advisors LLC boosted its stake in shares of Tanger by 20.1% during the 1st quarter. Sightline Wealth Advisors LLC now owns 98,330 shares of the real estate investment trust’s stock worth $2,904,000 after acquiring an additional 16,489 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Tanger by 1.1% during the 1st quarter. Louisiana State Employees Retirement System now owns 53,300 shares of the real estate investment trust’s stock worth $1,574,000 after acquiring an additional 600 shares during the last quarter. Maryland State Retirement & Pension System raised its stake in Tanger by 1.3% in the 1st quarter. Maryland State Retirement & Pension System now owns 38,802 shares of the real estate investment trust’s stock valued at $1,146,000 after acquiring an additional 512 shares during the period. Finally, State of Alaska Department of Revenue raised its stake in Tanger by 2.0% in the 1st quarter. State of Alaska Department of Revenue now owns 115,090 shares of the real estate investment trust’s stock valued at $3,397,000 after acquiring an additional 2,237 shares during the period. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT opened at $28.88 on Friday. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 3.62 and a beta of 1.83. Tanger has a 12 month low of $18.00 and a 12 month high of $29.98. The firm has a fifty day simple moving average of $28.46 and a 200 day simple moving average of $26.81. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.81%. This is a boost from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date is Monday, April 29th. Tanger’s dividend payout ratio is presently 113.04%.

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.