Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Tanger Inc. (NYSE:SKT) has received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $36.00.

SKT has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH raised Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Scotiabank boosted their target price on shares of Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Barclays reiterated a “positive” rating and set a $36.00 target price on shares of Tanger in a research report on Tuesday, January 13th. Evercore increased their price target on shares of Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research note on Friday, October 17th. Finally, Citigroup restated a “neutral” rating and issued a $35.00 price objective (down previously from $38.00) on shares of Tanger in a research report on Wednesday, November 19th.

Hedge Funds Weigh In On Tanger

Several hedge funds have recently added to or reduced their stakes in SKT. Invesco Ltd. raised its holdings in Tanger by 127.0% during the 2nd quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust’s stock worth $62,283,000 after purchasing an additional 1,139,288 shares during the last quarter. GRS Advisors LLC grew its position in shares of Tanger by 98.9% during the 2nd quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust’s stock worth $57,769,000 after buying an additional 939,424 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in shares of Tanger by 2,190.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock worth $28,181,000 after buying an additional 796,411 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Tanger by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock worth $598,979,000 after buying an additional 789,935 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Tanger by 1,459.4% in the third quarter. American Century Companies Inc. now owns 787,880 shares of the real estate investment trust’s stock valued at $26,662,000 after buying an additional 737,354 shares during the period. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 1.4%

Shares of SKT opened at $33.58 on Friday. The company has a market capitalization of $3.87 billion, a P/E ratio of 35.72, a PEG ratio of 1.46 and a beta of 1.18. Tanger has a one year low of $28.69 and a one year high of $36.76. The business’s 50 day simple moving average is $33.36 and its 200-day simple moving average is $33.16. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.51 and a quick ratio of 0.51.

Tanger (NYSE:SKT) last released its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $145.21 million during the quarter, compared to analysts’ expectations of $139.30 million. Tanger had a return on equity of 15.75% and a net margin of 19.15%.The business’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm posted $0.54 EPS. As a group, sell-side analysts predict that Tanger will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $0.2925 per share. The ex-dividend date is Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. Tanger’s payout ratio is presently 124.47%.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.