Shares of Tanger Inc. (NYSE:SKT – Get Free Report) have received a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $37.00.
Several equities analysts have recently weighed in on the company. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Scotiabank cut their target price on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Finally, Evercore ISI raised Tanger to a “hold” rating in a research report on Friday, May 2nd.
Check Out Our Latest Stock Analysis on Tanger
Tanger Stock Up 0.5%
Tanger (NYSE:SKT – Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The business had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. During the same quarter in the previous year, the company posted $0.52 EPS. The company’s revenue was up 9.7% compared to the same quarter last year. Research analysts predict that Tanger will post 2.24 EPS for the current fiscal year.
Tanger Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This is an increase from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.82%. Tanger’s dividend payout ratio (DPR) is presently 139.29%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new position in shares of Tanger during the first quarter worth about $30,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 733 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 1,415 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Tanger during the fourth quarter valued at approximately $68,000. Finally, Coppell Advisory Solutions LLC boosted its position in shares of Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 1,399 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.
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.
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