Tanger (NYSE:SKT) Cut to “Neutral” at Compass Point

Compass Point lowered shares of Tanger (NYSE:SKT) from a buy rating to a neutral rating in a report issued on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $38.00 target price on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the company. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st. Barclays restated a “positive” rating and issued a $36.00 price objective on shares of Tanger in a report on Tuesday, January 13th. Scotiabank upped their price objective on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. Finally, Citigroup reaffirmed a “neutral” rating and set a $35.00 target price (down from $38.00) on shares of Tanger in a report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.29.

Tanger Stock Performance

NYSE SKT opened at $37.08 on Thursday. Tanger has a 52-week low of $28.69 and a 52-week high of $37.95. The company has a fifty day moving average of $33.91 and a 200-day moving average of $33.57. The company has a market capitalization of $4.27 billion, a P/E ratio of 37.08, a P/E/G ratio of 1.63 and a beta of 1.18. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.51 and a current ratio of 0.40.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.2925 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.2%. Tanger’s payout ratio is presently 117.00%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Freestone Grove Partners LP lifted its holdings in Tanger by 6,634.5% in the 4th quarter. Freestone Grove Partners LP now owns 1,184,674 shares of the real estate investment trust’s stock worth $39,533,000 after buying an additional 1,167,083 shares during the period. Invesco Ltd. raised its holdings in shares of Tanger by 127.0% during the second quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust’s stock valued at $62,283,000 after acquiring an additional 1,139,288 shares in the last quarter. GRS Advisors LLC lifted its stake in Tanger by 98.9% in the second quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust’s stock worth $57,769,000 after acquiring an additional 939,424 shares during the period. Schonfeld Strategic Advisors LLC boosted its holdings in Tanger by 2,190.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock valued at $28,181,000 after acquiring an additional 796,411 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Tanger by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after purchasing an additional 789,935 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.