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

Tanger Inc. (NYSE:SKT) has been assigned an average rating of “Moderate Buy” from the eight analysts that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $37.00.

Several equities analysts have recently weighed in on SKT shares. The Goldman Sachs Group raised shares of 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 research note on Friday, March 28th. Evercore ISI upgraded shares of Tanger to a “hold” rating in a report on Friday, May 2nd. Finally, Scotiabank decreased their target price 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.

Tanger Stock Performance

NYSE SKT opened at $29.82 on Monday. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The stock’s 50 day simple moving average is $31.10 and its 200-day simple moving average is $33.21. The company has a market cap of $3.37 billion, a PE ratio of 34.28, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18. Tanger has a 1-year low of $25.94 and a 1-year high of $37.57.

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

Tanger Increases Dividend

The company also recently disclosed 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 is a boost from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend was Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is presently 139.29%.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Tanger

Several large investors have recently modified their holdings of the business. Strs Ohio acquired a new stake in shares of Tanger during the 1st quarter worth about $672,000. Intech Investment Management LLC lifted its position in Tanger by 5.7% in the first quarter. Intech Investment Management LLC now owns 93,560 shares of the real estate investment trust’s stock valued at $3,161,000 after buying an additional 5,011 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Tanger by 436.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock worth $27,073,000 after buying an additional 651,961 shares during the period. United Services Automobile Association acquired a new stake in shares of Tanger during the first quarter valued at about $233,000. Finally, Caxton Associates LLP acquired a new stake in shares of Tanger during the first quarter valued at about $351,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

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.