Tanger Inc. (NYSE:SKT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Tanger Inc. (NYSE:SKT) have received a consensus rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $30.67.

A number of equities analysts have recently issued reports on SKT shares. Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Evercore ISI upped their price objective on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th.

Tanger Price Performance

SKT opened at $30.76 on Friday. The stock has a 50-day moving average price of $28.13 and a 200-day moving average price of $28.04. Tanger has a 12-month low of $21.42 and a 12-month high of $31.07. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The stock has a market capitalization of $3.36 billion, a P/E ratio of 33.80, a PEG ratio of 3.09 and a beta of 1.89.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s dividend payout ratio is presently 120.88%.

Institutional Investors Weigh In On Tanger

Several institutional investors have recently bought and sold shares of SKT. GRS Advisors LLC boosted its holdings in Tanger by 136.7% during the 4th quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after acquiring an additional 771,066 shares during the period. Norges Bank purchased a new stake in Tanger during the 4th quarter valued at about $19,141,000. Waterfront Capital Partners LLC boosted its holdings in Tanger by 73.3% during the 4th quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock valued at $42,559,000 after acquiring an additional 649,610 shares during the period. Vanguard Group Inc. boosted its holdings in Tanger by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after acquiring an additional 608,547 shares during the period. Finally, Land & Buildings Investment Management LLC boosted its holdings in Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after acquiring an additional 358,860 shares during the period. 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.