Tanger (NYSE:SKT) Upgraded at Compass Point

Compass Point upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research note issued to investors on Thursday, Marketbeat reports. The brokerage currently has $32.00 price target on the real estate investment trust’s stock, up from their prior price target of $31.00.

SKT has been the topic of several other research reports. Bank of America raised shares of Tanger from an underperform rating to a neutral rating and raised their price target for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI lowered their price target on Tanger from $29.00 to $28.00 and set an in-line rating for the company in a research report on Wednesday. Finally, Citigroup raised shares of Tanger from a neutral rating to a buy rating and lifted their price objective for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Tanger has a consensus rating of Hold and an average target price of $29.83.

Tanger Stock Performance

Shares of SKT stock opened at $27.46 on Thursday. 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 firm has a fifty day simple moving average of $28.37 and a two-hundred day simple moving average of $27.00. Tanger has a 12 month low of $18.34 and a 12 month high of $29.98. The firm has a market capitalization of $3.00 billion, a PE ratio of 30.18, a price-to-earnings-growth ratio of 3.47 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. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.275 per share. 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 annualized dividend and a dividend yield of 4.01%. Tanger’s dividend payout ratio (DPR) is currently 120.88%.

Institutional Trading of Tanger

Several hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB lifted its stake in Tanger by 17.9% in the third quarter. Handelsbanken Fonder AB now owns 22,653 shares of the real estate investment trust’s stock valued at $512,000 after purchasing an additional 3,442 shares during the last quarter. Commonwealth Equity Services LLC raised its stake 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 acquiring an additional 10,120 shares during the period. Monument Capital Management purchased a new stake in Tanger during the third quarter valued at about $382,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 purchasing an additional 3,017 shares during the period. Finally, Assetmark Inc. increased its stake in shares of Tanger by 30.2% in the third quarter. Assetmark Inc. now owns 16,561 shares of the real estate investment trust’s stock worth $374,000 after purchasing an additional 3,844 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

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.