Tanger (NYSE:SKT) Upgraded to “Sector Perform” by Scotiabank

Scotiabank upgraded shares of Tanger (NYSE:SKTFree Report) from a sector underperform rating to a sector perform rating in a research report released on Friday, Marketbeat reports. They currently have $28.00 price target on the real estate investment trust’s stock, up from their previous price target of $20.00.

Other analysts have also recently issued reports about the company. Compass Point upgraded Tanger from a neutral rating to a buy rating and upped their target price for the company from $31.00 to $32.00 in a report on Thursday, May 2nd. Bank of America upgraded shares of Tanger from an underperform rating to a neutral rating and increased their price objective for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI dropped their target price on shares of Tanger from $29.00 to $28.00 and set an in-line rating on the stock in a report on Wednesday, May 1st. Finally, Citigroup upgraded Tanger from a neutral rating to a buy rating and increased their price target for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $29.57.

Get Our Latest Stock Report on Tanger

Tanger Stock Down 0.1 %

Shares of SKT opened at $27.70 on Friday. The company has a market capitalization of $3.03 billion, a PE ratio of 30.44, a PEG ratio of 3.05 and a beta of 1.85. The stock’s 50-day moving average price is $28.10 and its two-hundred day moving average price is $27.43. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54. Tanger has a 12 month low of $19.57 and a 12 month high of $29.98.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were issued a dividend of $0.275 per share. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, April 29th. This represents a $1.10 annualized dividend and a dividend yield of 3.97%. Tanger’s payout ratio is currently 120.88%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC raised its position in Tanger by 29.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 44,802 shares of the real estate investment trust’s stock valued at $1,013,000 after buying an additional 10,120 shares during the last quarter. Assetmark Inc. lifted its position in shares of Tanger by 30.2% during the third quarter. Assetmark Inc. now owns 16,561 shares of the real estate investment trust’s stock valued at $374,000 after purchasing an additional 3,844 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Tanger by 2.2% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 118,754 shares of the real estate investment trust’s stock valued at $2,684,000 after purchasing an additional 2,529 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Tanger by 3.7% during the third quarter. Daiwa Securities Group Inc. now owns 33,525 shares of the real estate investment trust’s stock worth $758,000 after purchasing an additional 1,211 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Tanger by 1.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 183,709 shares of the real estate investment trust’s stock worth $4,152,000 after purchasing an additional 1,885 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

Tanger Company Profile

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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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