Tanger’s (SKT) Neutral Rating Reiterated at Bank of America

Bank of America reaffirmed their neutral rating on shares of Tanger (NYSE:SKT) in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $39.00 price target on the real estate investment trust’s stock.

SKT has been the subject of several other research reports. Barclays upped their target price on Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. Scotiabank increased their target price on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Finally, Compass Point cut shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price on the stock. in a research report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $36.88.

Tanger Trading Down 1.9%

NYSE SKT opened at $36.04 on Friday. 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 stock’s 50-day simple moving average is $34.18 and its two-hundred day simple moving average is $33.73. Tanger has a twelve month low of $28.69 and a twelve month high of $37.95. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 1.57 and a beta of 1.15.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.2925 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.17 annualized dividend and a yield of 3.2%. Tanger’s payout ratio is presently 117.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Tanger by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after buying an additional 789,935 shares during the last quarter. State Street Corp boosted its position in Tanger by 3.4% during the 2nd quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock valued at $202,924,000 after buying an additional 215,174 shares during the period. Geode Capital Management LLC grew its holdings in Tanger by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 2,879,693 shares of the real estate investment trust’s stock worth $96,111,000 after acquiring 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 valued at $81,019,000 after acquiring an additional 245,639 shares during the period. Finally, Invesco Ltd. increased its position in shares of Tanger by 13.0% in the third quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock valued at $77,870,000 after acquiring an additional 264,408 shares during the period. Institutional investors own 85.23% of the company’s stock.

About Tanger

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.