Tanger Inc. (NYSE:SKT) Receives Consensus Rating of “Moderate Buy” from Brokerages

by · The Markets Daily

Shares of Tanger Inc. (NYSE:SKT – Get Free Report) have been given an average recommendation of “Moderate Buy” by the six brokerages that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $31.33.

SKT has been the subject of a number of research analyst reports. Compass Point lifted their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Evercore ISI raised their target price on Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th.

View Our Latest Research Report on SKT

Tanger Stock Performance

Shares of SKT stock opened at $33.00 on Wednesday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The company has a 50 day moving average price of $29.73 and a 200-day moving average price of $28.35. Tanger has a 52 week low of $21.42 and a 52 week high of $33.24. The firm has a market capitalization of $3.61 billion, a PE ratio of 36.26, a P/E/G ratio of 3.30 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 given a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 annualized dividend and a yield of 3.33%. Tanger’s dividend payout ratio (DPR) is presently 120.88%.

Institutional Trading of Tanger

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GRS Advisors LLC grew its stake in shares of 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 position in Tanger during the fourth quarter valued at approximately $19,141,000. Vanguard Group Inc. boosted its position in shares of Tanger by 3.6% in 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. Land & Buildings Investment Management LLC boosted its position in shares of Tanger by 52.4% in the second 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 purchasing an additional 358,860 shares during the period. Finally, BROOKFIELD Corp ON purchased a new stake in shares of Tanger in the first quarter worth $10,441,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Company Profile

(Get Free Report

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.

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