Analysts Set Tanger Inc. (NYSE:SKT) Price Target at $29.00

Shares of Tanger Inc. (NYSE:SKT) have received a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $29.83.

A number of equities analysts recently issued reports on SKT shares. Evercore ISI lowered their price objective on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research report on Wednesday. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Compass Point upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $31.00 to $32.00 in a research report on Thursday. Finally, Citigroup upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd.

Tanger Price Performance

Shares of NYSE:SKT opened at $27.46 on Friday. The firm has a 50 day moving average of $28.37 and a 200-day moving average of $27.00. The stock has a market capitalization of $3.00 billion, a PE ratio of 30.18, a PEG ratio of 3.54 and a beta of 1.85. The company has a current ratio of 0.20, a quick ratio of 0.19 and a debt-to-equity ratio of 2.54. Tanger has a 12 month low of $18.34 and a 12 month high of $29.98.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.275 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Monday, April 29th. Tanger’s dividend payout ratio is currently 120.88%.

Institutional Investors Weigh In On Tanger

A number of institutional investors have recently modified their holdings of SKT. SG Americas Securities LLC boosted its stake in Tanger by 478.2% during the third quarter. SG Americas Securities LLC now owns 68,511 shares of the real estate investment trust’s stock worth $1,548,000 after acquiring an additional 56,661 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of Tanger by 17.9% during the third quarter. Handelsbanken Fonder AB now owns 22,653 shares of the real estate investment trust’s stock valued at $512,000 after buying an additional 3,442 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Tanger by 29.2% during the third quarter. Commonwealth Equity Services LLC now owns 44,802 shares of the real estate investment trust’s stock valued at $1,013,000 after buying an additional 10,120 shares during the last quarter. Monument Capital Management acquired a new position in shares of Tanger during the third quarter valued at about $382,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Tanger by 7.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,271 shares of the real estate investment trust’s stock valued at $955,000 after buying an additional 3,017 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

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.