Tanger Inc. (NYSE:SKT) Receives $36.00 Consensus Target Price from Analysts

Tanger Inc. (NYSE:SKT) has earned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $36.00.

SKT has been the topic of a number of research analyst reports. Barclays reiterated a “positive” rating and set a $36.00 target price on shares of Tanger in a research report on Tuesday, January 13th. Citigroup reiterated a “neutral” rating and set a $35.00 price objective (down from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Evercore upped their target price on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research report on Friday, October 17th. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Finally, Scotiabank lifted their price target on Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 14th.

Institutional Trading of Tanger

A number of hedge funds have recently bought and sold shares of the stock. Salomon & Ludwin LLC bought a new stake in shares of Tanger in the 3rd quarter valued at approximately $26,000. EverSource Wealth Advisors LLC boosted its stake in Tanger by 127.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 531 shares in the last quarter. Advisory Services Network LLC bought a new stake in Tanger in the third quarter valued at $33,000. City Holding Co. acquired a new position in Tanger during the third quarter worth $34,000. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of Tanger in the 4th quarter worth about $34,000. 85.23% of the stock is owned by institutional investors.

Tanger Trading Up 0.4%

NYSE SKT opened at $33.68 on Friday. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of 35.83, a PEG ratio of 1.47 and a beta of 1.18. The firm has a 50 day simple moving average of $33.36 and a 200-day simple moving average of $33.20. Tanger has a one year low of $28.69 and a one year high of $36.76.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, January 30th. Tanger’s payout ratio is currently 124.47%.

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.