Tanger (NYSE:SKT) Research Coverage Started at BMO Capital Markets

BMO Capital Markets began coverage on shares of Tanger (NYSE:SKT) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage issued a market perform rating and a $36.00 price objective on the real estate investment trust’s stock.

Several other brokerages have also issued reports on SKT. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the stock from $35.00 to $40.00 in a report on Monday, November 11th. The Goldman Sachs Group increased their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Evercore ISI increased their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Citigroup increased their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Compass Point raised their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Tanger has a consensus rating of “Hold” and an average price target of $36.00.

Tanger Trading Up 1.6 %

NYSE SKT opened at $33.31 on Tuesday. The business has a 50 day simple moving average of $34.52 and a 200 day simple moving average of $32.58. Tanger has a one year low of $25.67 and a one year high of $37.57. The stock has a market capitalization of $3.69 billion, a P/E ratio of 38.73, a P/E/G ratio of 2.71 and a beta of 1.92. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13.

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 the consensus estimate of $0.53 by ($0.31). The business had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 EPS. Research analysts expect that Tanger will post 2.11 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Friday, January 31st. Tanger’s payout ratio is 127.91%.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.80% of the stock is currently owned by company insiders.

Institutional Trading of Tanger

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Tanger in the second quarter worth $49,000. Loomis Sayles & Co. L P increased its position in Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 1,663 shares during the last quarter. GAMMA Investing LLC increased its position in Tanger by 62.0% in the third quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock worth $68,000 after buying an additional 790 shares during the last quarter. KBC Group NV increased its position in Tanger by 31.5% in the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock worth $122,000 after buying an additional 881 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Tanger by 35.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 1,107 shares during 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.