Tanger (NYSE:SKT – Free Report) had its price target lowered by Evercore ISI from $29.00 to $28.00 in a research report released on Wednesday, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.
A number of other equities analysts have also recently issued reports on the company. Citigroup upgraded Tanger from a neutral rating to a buy rating and increased their price target for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Bank of America upgraded shares of Tanger from an underperform rating to a neutral rating and raised their price target for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $29.83.
Check Out Our Latest Analysis on Tanger
Tanger Stock Performance
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 paid a $0.275 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.10 annualized dividend and a dividend yield of 4.01%. Tanger’s dividend payout ratio is presently 120.88%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKT. Nordea Investment Management AB purchased a new position in shares of Tanger in the 4th quarter worth approximately $4,450,000. Asset Management One Co. Ltd. boosted its holdings in shares of Tanger by 33.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock worth $6,040,000 after buying an additional 53,985 shares during the last quarter. Federated Hermes Inc. grew its position in Tanger by 2,457.1% during the fourth quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after buying an additional 135,952 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Tanger by 1,740.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock worth $5,301,000 after purchasing an additional 180,853 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Tanger during the 3rd quarter valued at $746,000. 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.
Recommended Stories
- Five stocks we like better than Tanger
- 3 Grocery Stocks That Are Proving They Are Still Essential
- Appleās Earnings Show Investors Its Strength and Its Weakness
- The How And Why of Investing in Oil Stocks
- Bargain Alert: 3 Large Caps With Extremely Oversold RSIs
- What is the Shanghai Stock Exchange Composite Index?
- DraftKings Q1: Strong Customer Acquisition and Product Innovation
Receive News & Ratings for Tanger Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger and related companies with MarketBeat.com's FREE daily email newsletter.