Tanger Inc. (NYSE:SKT) Receives Average Recommendation of “Hold” from Analysts

Shares of Tanger Inc. (NYSE:SKT) have received an average recommendation of “Hold” from the eight analysts that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $36.7143.

SKT has been the subject of a number of analyst reports. Barclays boosted their price objective on shares of Tanger from $36.00 to $38.00 and gave the company an “equal weight” rating in a report on Monday, March 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st. Scotiabank boosted their price target on shares of Tanger from $34.00 to $36.00 and gave the company a “sector perform” rating in a report on Tuesday, March 24th. Compass Point cut shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a research report on Thursday, February 26th. Finally, Bank of America reaffirmed a “neutral” rating and set a $39.00 price objective on shares of Tanger in a research note on Friday, March 6th.

Tanger Price Performance

Tanger stock opened at $33.71 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17. The firm has a market capitalization of $3.86 billion, a P/E ratio of 33.71, a PEG ratio of 1.62 and a beta of 1.16. The business has a 50-day moving average of $34.54 and a 200-day moving average of $33.83. Tanger has a 1 year low of $28.69 and a 1 year high of $37.95.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, January 30th. Tanger’s dividend payout ratio is 117.00%.

Institutional Investors Weigh In On Tanger

A number of hedge funds have recently modified their holdings of SKT. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Tanger by 5.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 5,877 shares of the real estate investment trust’s stock valued at $199,000 after purchasing an additional 306 shares in the last quarter. M&T Bank Corp increased its stake in Tanger by 3.3% during the 2nd quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust’s stock worth $314,000 after purchasing an additional 326 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Tanger by 11.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 3,185 shares of the real estate investment trust’s stock worth $106,000 after purchasing an additional 330 shares in the last quarter. GAMMA Investing LLC raised its holdings in Tanger by 13.2% during the 4th quarter. GAMMA Investing LLC now owns 2,856 shares of the real estate investment trust’s stock worth $95,000 after buying an additional 332 shares during the period. Finally, M&G PLC lifted its stake in Tanger by 5.6% in the third quarter. M&G PLC now owns 6,435 shares of the real estate investment trust’s stock valued at $219,000 after buying an additional 340 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

About Tanger

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.