Brokerages Set Tanger Inc. (NYSE:SKT) Price Target at $29.00

Shares of Tanger Inc. (NYSE:SKT) have received an average recommendation of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $29.00.

Several brokerages have weighed in on SKT. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Evercore ISI raised their target price on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th.

Institutional Trading of Tanger

A number of institutional investors and hedge funds have recently made changes to their positions in SKT. SG Americas Securities LLC increased its holdings in shares of Tanger by 478.2% during the third quarter. SG Americas Securities LLC now owns 68,511 shares of the real estate investment trust’s stock valued at $1,548,000 after purchasing an additional 56,661 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Tanger by 17.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 22,653 shares of the real estate investment trust’s stock worth $512,000 after buying an additional 3,442 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Tanger by 29.2% in the third 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 period. Monument Capital Management bought a new position in Tanger during the third quarter valued at about $382,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tanger by 7.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,271 shares of the real estate investment trust’s stock worth $955,000 after acquiring an additional 3,017 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Down 0.9 %

SKT opened at $28.35 on Friday. Tanger has a one year low of $18.34 and a one year high of $29.98. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.19 and a current ratio of 0.19. The stock has a market capitalization of $3.10 billion, a P/E ratio of 30.82, a price-to-earnings-growth ratio of 3.65 and a beta of 1.83. The business’s 50-day simple moving average is $28.45 and its 200-day simple moving average is $26.94.

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is currently 113.04%.

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.