Evercore ISI Trims Tanger (NYSE:SKT) Target Price to $28.00

Tanger (NYSE:SKT) had its price target lowered by Evercore ISI from $29.00 to $28.00 in a research report released on Wednesday, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on the company. 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. Bank of America upgraded shares of Tanger from an underperform rating to a neutral rating and raised their price target for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $29.83.

Tanger Stock Performance

Shares of Tanger stock opened at $27.46 on Wednesday. The business has a 50-day moving average price of $28.37 and a two-hundred day moving average price of $26.98. Tanger has a 1-year low of $18.34 and a 1-year high of $29.98. The company has a current ratio of 0.20, a quick ratio of 0.19 and a debt-to-equity ratio of 2.54. The company has a market cap of $3.00 billion, a P/E ratio of 30.18, a PEG ratio of 3.47 and a beta of 1.85.

Tanger Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKT. Nordea Investment Management AB purchased a new position in shares of Tanger in the 4th quarter worth approximately $4,450,000. Asset Management One Co. Ltd. boosted its holdings in shares of Tanger by 33.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock worth $6,040,000 after buying an additional 53,985 shares during the last quarter. Federated Hermes Inc. grew its position in Tanger by 2,457.1% during the fourth quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after buying an additional 135,952 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Tanger by 1,740.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock worth $5,301,000 after purchasing an additional 180,853 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Tanger during the 3rd quarter valued at $746,000. 85.23% of the stock is currently 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.