Tanger (NYSE:SKT) Given New $36.00 Price Target at Scotiabank

Tanger (NYSE:SKT) had its target price hoisted by Scotiabank from $34.00 to $36.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently issued reports on SKT. Barclays upped their price objective on shares of Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Bank of America reissued a “neutral” rating and set a $39.00 target price on shares of Tanger in a research report on Friday, March 6th. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. Finally, Compass Point lowered Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price for the company. in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $37.13.

Tanger Stock Performance

NYSE SKT opened at $34.04 on Tuesday. The company has a fifty day moving average price of $34.52 and a 200-day moving average price of $33.84. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of 34.04, a PEG ratio of 1.64 and a beta of 1.16. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.40 and a quick ratio of 0.40. Tanger has a 1 year low of $28.69 and a 1 year high of $37.95.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $0.2925 per share. The ex-dividend date was Friday, January 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.4%. Tanger’s dividend payout ratio (DPR) is presently 117.00%.

Hedge Funds Weigh In On Tanger

Institutional investors have recently bought and sold shares of the company. SHP Wealth Management bought a new position in Tanger during the fourth quarter valued at $25,000. Salomon & Ludwin LLC bought a new stake in shares of Tanger in the third quarter valued at $26,000. EverSource Wealth Advisors LLC raised its stake in shares of Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 531 shares during the period. Advisory Services Network LLC purchased a new position in shares of Tanger during the 3rd quarter valued at $33,000. Finally, City Holding Co. purchased a new position in shares of Tanger during the 3rd quarter valued at $34,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

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.