Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $37.00.

A number of analysts have recently weighed in on the company. Scotiabank lowered their price objective on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets initiated coverage on shares of Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company.

Insider Buying and Selling at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares of the company’s stock, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On Tanger

Large investors have recently made changes to their positions in the company. LPL Financial LLC boosted its stake in shares of Tanger by 13.1% during the 1st quarter. LPL Financial LLC now owns 77,372 shares of the real estate investment trust’s stock worth $2,614,000 after acquiring an additional 8,972 shares in the last quarter. Cetera Investment Advisers boosted its position in Tanger by 4.4% during the first quarter. Cetera Investment Advisers now owns 22,807 shares of the real estate investment trust’s stock worth $771,000 after purchasing an additional 966 shares in the last quarter. Advisors Preferred LLC grew its holdings in Tanger by 6.2% in the first quarter. Advisors Preferred LLC now owns 168,755 shares of the real estate investment trust’s stock valued at $5,741,000 after purchasing an additional 9,822 shares during the period. Legato Capital Management LLC increased its position in shares of Tanger by 29.3% in the first quarter. Legato Capital Management LLC now owns 65,330 shares of the real estate investment trust’s stock valued at $2,208,000 after buying an additional 14,786 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Tanger during the 1st quarter worth approximately $887,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Performance

Tanger stock opened at $29.81 on Thursday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The company has a market capitalization of $3.37 billion, a PE ratio of 34.26, a P/E/G ratio of 2.97 and a beta of 1.18. The company has a 50 day moving average price of $32.13 and a 200-day moving average price of $33.73. Tanger has a fifty-two week low of $25.94 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. During the same period in the previous year, the company posted $0.52 EPS. Tanger’s revenue was up 9.7% on a year-over-year basis. As a group, equities analysts forecast that Tanger will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Tanger’s previous quarterly dividend of $0.28. Tanger’s dividend payout ratio is 139.29%.

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.