Tanger Inc. (NYSE:SKT) Given Consensus Rating of “Hold” by Brokerages

Tanger Inc. (NYSE:SKT) has earned an average rating of “Hold” from the eight brokerages that are currently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $36.7143.

A number of equities analysts have issued reports on the stock. Compass Point lowered shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a research report on Thursday, February 26th. Bank of America reaffirmed a “neutral” rating and issued a $39.00 price objective on shares of Tanger in a report on Friday, March 6th. Barclays increased their price objective on shares of Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Scotiabank raised their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “sector perform” rating in a report on Tuesday, March 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st.

Institutional Trading of Tanger

A number of hedge funds have recently modified their holdings of SKT. Hsbc Holdings PLC raised its position in Tanger by 28.8% during the fourth quarter. Hsbc Holdings PLC now owns 268,603 shares of the real estate investment trust’s stock valued at $8,987,000 after acquiring an additional 60,035 shares in the last quarter. SHP Wealth Management purchased a new stake in Tanger in the 4th quarter worth approximately $25,000. Summit Global Investments acquired a new stake in shares of Tanger during the 4th quarter worth approximately $691,000. Mackenzie Financial Corp grew its stake in shares of Tanger by 44.4% during the 4th quarter. Mackenzie Financial Corp now owns 10,846 shares of the real estate investment trust’s stock worth $369,000 after purchasing an additional 3,337 shares during the period. Finally, Empowered Funds LLC purchased a new position in shares of Tanger during the 4th quarter valued at approximately $118,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Trading Up 1.3%

Shares of NYSE:SKT opened at $34.58 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.17. Tanger has a 52-week low of $28.69 and a 52-week high of $37.95. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 34.58, a PEG ratio of 1.63 and a beta of 1.20. The business has a 50-day moving average price of $34.61 and a 200-day moving average price of $33.83.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.4%. Tanger’s dividend payout ratio (DPR) is presently 117.00%.

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.