Brokerages Set Tanger Inc. (NYSE:SKT) PT at $37.00

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $37.00.

A number of brokerages have recently issued reports on SKT. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Evercore ISI raised shares of Tanger to a “hold” rating in a research note on Friday, May 2nd. Finally, Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Mutual of America Capital Management LLC lifted its position in shares of Tanger by 1.9% during the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock valued at $572,000 after acquiring an additional 319 shares during the period. Maryland State Retirement & Pension System raised its holdings in Tanger by 0.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock worth $1,272,000 after buying an additional 349 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in Tanger by 2.4% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust’s stock worth $563,000 after buying an additional 385 shares during the last quarter. FIL Ltd raised its holdings in Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 401 shares during the last quarter. Finally, DAVENPORT & Co LLC raised its holdings in Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after buying an additional 425 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Up 3.2%

NYSE:SKT opened at $30.26 on Monday. The firm’s 50 day simple moving average is $30.73 and its 200 day simple moving average is $33.02. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger has a one year low of $25.94 and a one year high of $37.57. The company has a market cap of $3.42 billion, a PE ratio of 34.78, a P/E/G ratio of 2.97 and a beta of 1.19.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. During the same period last year, the company earned $0.52 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. On average, research analysts anticipate that Tanger will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Wednesday, April 30th. This is an increase from Tanger’s previous quarterly dividend of $0.28. Tanger’s payout ratio is presently 139.29%.

About Tanger

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.