Tanger (NYSE:SKT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Tanger (NYSE:SKT) from a sell rating to a hold rating in a research report released on Saturday morning.

A number of other equities analysts have also recently commented on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research report on Friday, July 18th. They set a “buy” rating and a $35.00 price objective for the company. Barclays started coverage on Tanger in a report on Wednesday, July 2nd. They set an “equal weight” rating and a $33.00 target price for the company. Evercore ISI raised Tanger to a “hold” rating in a report on Friday, May 2nd. Finally, Scotiabank dropped their target price on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Tanger currently has a consensus rating of “Hold” and an average price target of $36.40.

Tanger Trading Down 0.1%

SKT stock opened at $31.63 on Friday. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. The company has a fifty day moving average price of $30.91 and a two-hundred day moving average price of $31.81. Tanger has a one year low of $27.23 and a one year high of $37.57. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 35.94, a price-to-earnings-growth ratio of 2.09 and a beta of 1.23.

Tanger (NYSE:SKT) last released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The firm had revenue of $133.44 million during the quarter, compared to analysts’ expectations of $132.02 million. During the same period in the previous year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities analysts anticipate that Tanger will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger’s payout ratio is 132.95%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nissay Asset Management Corp Japan ADV raised its stake in Tanger by 2.4% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust’s stock valued at $563,000 after purchasing an additional 385 shares in the last quarter. FIL Ltd raised its stake in Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 401 shares in the last quarter. Xponance Inc. raised its stake in Tanger by 6.7% in the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 514 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in Tanger by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock valued at $380,000 after purchasing an additional 553 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Tanger by 0.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock valued at $5,386,000 after purchasing an additional 554 shares in the last quarter. Institutional investors and hedge funds 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.