Tanger (NYSE:SKT) Price Target Raised to $38.00

Tanger (NYSE:SKT) had its price objective raised by Barclays from $36.00 to $38.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities research analysts also recently commented on SKT. Compass Point downgraded shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price objective on the stock. in a report on Thursday, February 26th. LADENBURG THALM/SH SH raised shares of Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Citigroup reissued a “neutral” rating and set a $35.00 target price (down from $38.00) on shares of Tanger in a report on Wednesday, November 19th. Finally, Scotiabank raised their price target on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.57.

Tanger Stock Performance

Shares of SKT opened at $37.46 on Monday. Tanger has a 1 year low of $28.69 and a 1 year high of $37.95. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.40 and a quick ratio of 0.40. The stock’s fifty day moving average price is $34.09 and its two-hundred day moving average price is $33.67. The firm has a market cap of $4.29 billion, a PE ratio of 37.46, a PEG ratio of 1.64 and a beta of 1.16.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued 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%.

Institutional Investors Weigh In On Tanger

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Tanger by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock worth $598,979,000 after acquiring an additional 789,935 shares during the last quarter. State Street Corp grew its holdings in shares of Tanger by 3.4% during the second quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after purchasing an additional 215,174 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Tanger by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 2,879,693 shares of the real estate investment trust’s stock worth $96,111,000 after purchasing an additional 27,201 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Tanger by 11.3% in the fourth quarter. Wellington Management Group LLP now owns 2,427,912 shares of the real estate investment trust’s stock worth $81,019,000 after purchasing an additional 245,639 shares during the last quarter. Finally, Invesco Ltd. grew its position in Tanger by 13.0% in the third quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock worth $77,870,000 after acquiring an additional 264,408 shares in 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.