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

Tanger Inc. (NYSE:SKT) has received a consensus recommendation of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $29.83.

A number of equities research analysts have commented on the stock. Evercore ISI decreased their target price on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research note on Wednesday. Compass Point upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the stock from $31.00 to $32.00 in a research note on Thursday. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Finally, Citigroup upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd.

Tanger Price Performance

Shares of NYSE:SKT opened at $27.46 on Friday. The firm’s 50 day moving average price is $28.37 and its 200-day moving average price is $27.00. Tanger has a twelve month low of $18.34 and a twelve month high of $29.98. The company has a quick ratio of 0.19, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. The stock has a market capitalization of $3.00 billion, a PE ratio of 30.18, a price-to-earnings-growth ratio of 3.54 and a beta of 1.85.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.01%. Tanger’s dividend payout ratio (DPR) is 120.88%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Loomis Sayles & Co. L P grew its holdings in shares of Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,418 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of Tanger in the first quarter valued at $91,000. Federated Hermes Inc. purchased a new position in shares of Tanger in the third quarter valued at $125,000. Future Financial Wealth Managment LLC purchased a new position in shares of Tanger in the fourth quarter valued at $210,000. Finally, D.A. Davidson & CO. purchased a new position in Tanger during the fourth quarter worth $224,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.