Tanger Inc. (NYSE:SKT) Receives $36.57 Consensus Price Target from Brokerages

Shares of Tanger Inc. (NYSE:SKT) have earned an average rating of “Hold” from the nine analysts that are presently covering the stock, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $36.8750.

Several research firms have recently commented on SKT. Compass Point cut Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a research note on Thursday, February 26th. LADENBURG THALM/SH SH raised Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Bank of America reissued a “neutral” rating and set a $39.00 price objective on shares of Tanger in a report on Friday, March 6th. Citigroup reiterated a “neutral” rating and set a $35.00 price target (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. Finally, Scotiabank boosted their price target on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th.

Hedge Funds Weigh In On Tanger

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC grew its position in shares of Tanger by 28.8% in the fourth quarter. Hsbc Holdings PLC now owns 268,603 shares of the real estate investment trust’s stock valued at $8,987,000 after purchasing an additional 60,035 shares during the last quarter. SHP Wealth Management acquired a new position in shares of Tanger during the 4th quarter worth approximately $25,000. Summit Global Investments acquired a new position in shares of Tanger during the 4th quarter worth approximately $691,000. Mackenzie Financial Corp lifted its stake in Tanger by 44.4% in the 4th quarter. Mackenzie Financial Corp now owns 10,846 shares of the real estate investment trust’s stock valued at $369,000 after buying an additional 3,337 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in Tanger in the 4th quarter valued at approximately $118,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Trading Down 0.1%

NYSE SKT opened at $35.87 on Wednesday. Tanger has a one year low of $28.69 and a one year high of $37.95. The firm has a market cap of $4.11 billion, a PE ratio of 35.87, a P/E/G ratio of 1.72 and a beta of 1.15. The firm’s fifty day moving average is $34.26 and its two-hundred day moving average is $33.77. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.40 and a current ratio of 0.40.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $0.2925 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.17 annualized dividend and a yield of 3.3%. Tanger’s dividend payout ratio is 117.00%.

Tanger Company Profile

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.