Tanger Inc. (NYSE:SKT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Tanger Inc. (NYSE:SKT) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $37.00.

Several analysts recently weighed in on SKT shares. Scotiabank cut their price target on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Evercore ISI upgraded shares of Tanger to a “hold” rating in a report on Friday, May 2nd.

Tanger Stock Performance

NYSE:SKT opened at $30.54 on Friday. The stock has a market cap of $3.46 billion, a P/E ratio of 36.36, a price-to-earnings-growth ratio of 2.85 and a beta of 1.19. The firm’s fifty day simple moving average is $30.34 and its 200 day simple moving average is $32.39. Tanger has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 2.37.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $129.29 million for the quarter, compared to analysts’ expectations of $128.24 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 earnings per share. As a group, research analysts predict that Tanger will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were paid a $0.2925 dividend. This is a boost from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.83%. Tanger’s payout ratio is presently 139.29%.

Hedge Funds Weigh In On Tanger

Hedge funds have recently bought and sold shares of the company. NBC Securities Inc. bought a new position in Tanger in the 1st quarter worth about $30,000. Aster Capital Management DIFC Ltd boosted its stake in Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 733 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Tanger by 3,451.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,415 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in Tanger in the 4th quarter worth about $68,000. Finally, Coppell Advisory Solutions LLC boosted its stake in Tanger by 144.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 1,399 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

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.