Tanger Inc. (NYSE:SKT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Tanger Inc. (NYSE:SKT) have earned an average recommendation of “Moderate Buy” from the eight research firms that are covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $36.5714.

Several equities research analysts have weighed in on the company. Scotiabank increased their target price on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. LADENBURG THALM/SH SH raised shares of Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Citigroup reiterated a “neutral” rating and issued a $35.00 price objective (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. Barclays upped their target price on shares of Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st.

Tanger Stock Performance

Shares of SKT stock opened at $37.39 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.17. The business has a 50 day moving average of $34.03 and a two-hundred day moving average of $33.64. The company has a market cap of $4.28 billion, a P/E ratio of 37.39, a PEG ratio of 1.63 and a beta of 1.16. Tanger has a 52 week low of $28.69 and a 52 week high of $37.95.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.2925 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.1%. Tanger’s dividend payout ratio is presently 117.00%.

Hedge Funds Weigh In On Tanger

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its stake in shares of Tanger by 2.8% during the first quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock valued at $4,905,000 after acquiring an additional 3,995 shares during the period. AQR Capital Management LLC grew its holdings in Tanger by 17.8% during the first quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust’s stock worth $1,291,000 after acquiring an additional 5,765 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Tanger by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust’s stock worth $2,171,000 after acquiring an additional 3,631 shares during the period. United Services Automobile Association bought a new stake in Tanger in the first quarter worth about $233,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Tanger by 436.9% in the 1st 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 valued at $27,073,000 after acquiring an additional 651,961 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Company Profile

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.