Compass Point Raises Tanger (NYSE:SKT) Price Target to $36.00

Tanger (NYSE:SKT) had its target price hoisted by Compass Point from $34.00 to $36.00 in a report issued on Friday morning, Benzinga reports. Compass Point currently has a buy rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on SKT. Evercore ISI upped their price objective on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Bank of America upped their price target on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Finally, Scotiabank raised their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Tanger Trading Down 2.1 %

NYSE:SKT traded down $0.73 during trading hours on Friday, hitting $33.69. The company had a trading volume of 551,783 shares, compared to its average volume of 733,419. The company has a 50-day moving average of $32.01 and a 200 day moving average of $29.06. 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 company has a market cap of $3.68 billion, a P/E ratio of 37.42, a P/E/G ratio of 2.89 and a beta of 1.89. Tanger has a 1 year low of $21.42 and a 1 year high of $34.81.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.275 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.27%. Tanger’s dividend payout ratio is presently 122.22%.

Hedge Funds Weigh In On Tanger

Several hedge funds have recently bought and sold shares of SKT. Vanguard Group Inc. increased its stake in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after purchasing an additional 608,547 shares during the period. Dimensional Fund Advisors LP increased its stake in Tanger by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after buying an additional 123,107 shares during the period. Bank of New York Mellon Corp lifted its holdings in Tanger by 5.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after buying an additional 55,794 shares in the last quarter. Land & Buildings Investment Management LLC lifted 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 worth $28,284,000 after buying an additional 358,860 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Tanger by 8.2% in the second quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock worth $20,798,000 after acquiring an additional 58,205 shares in the last quarter. Institutional investors and hedge funds 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.