Analysts Set Tanger Inc. (NYSE:SKT) PT at $36.00

Shares of Tanger Inc. (NYSE:SKT) have earned a consensus rating of “Hold” from the seven research firms that are presently covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $36.00.

A number of equities research analysts have recently issued reports on SKT shares. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $40.00 in a research note on Monday, November 11th. The Goldman Sachs Group raised their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Citigroup boosted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock. Finally, Evercore ISI boosted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th.

Tanger Trading Down 1.1 %

Shares of Tanger stock opened at $33.16 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a 1 year low of $25.67 and a 1 year high of $37.57. The firm has a market cap of $3.67 billion, a PE ratio of 38.56, a PEG ratio of 2.78 and a beta of 1.92. The company has a 50 day simple moving average of $35.24 and a two-hundred day simple moving average of $31.90.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 earnings per share. Analysts expect that Tanger will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.275 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.32%. Tanger’s dividend payout ratio is currently 127.91%.

Insider Activity

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

Several institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in shares of Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after acquiring an additional 514 shares during the period. KBC Group NV lifted its stake in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the period. Arizona State Retirement System boosted its position in shares of Tanger by 3.0% during the second quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock valued at $827,000 after purchasing an additional 897 shares in the last quarter. Inspire Investing LLC grew its stake in Tanger by 7.7% in the second quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 931 shares during the period. Finally, HHM Wealth Advisors LLC bought a new position in Tanger in the second quarter worth $27,000. 85.23% of the stock is currently owned by hedge funds and other 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.