Tanger (NYSE:SKT) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research note issued to investors on Monday morning, Marketbeat.com reports. Bank of America currently has $40.00 target price on the real estate investment trust’s stock, up from their previous target price of $35.00.

Several other analysts also recently weighed in on SKT. Scotiabank lifted their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Compass Point raised their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Evercore ISI boosted their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.50.

Tanger Stock Performance

Tanger stock opened at $36.11 on Monday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market capitalization of $3.95 billion, a P/E ratio of 41.99, a price-to-earnings-growth ratio of 3.01 and a beta of 1.88. Tanger has a 1-year low of $24.25 and a 1-year high of $36.20. The company’s 50-day moving average is $33.00 and its 200 day moving average is $29.61.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same period in the prior year, the company posted $0.50 EPS. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Research analysts forecast that Tanger will post 2.1 EPS for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.05%. Tanger’s dividend payout ratio is currently 127.91%.

Institutional Trading of Tanger

A number of hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the period. HHM Wealth Advisors LLC bought a new position in shares of Tanger during the second quarter valued at approximately $27,000. Whittier Trust Co. bought a new position in shares of Tanger during the second quarter valued at approximately $33,000. GAMMA Investing LLC increased its holdings in Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares during the period. Finally, CWM LLC raised its stake in Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Company Profile

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.