Brokerages Set Tanger Inc. (NYSE:SKT) Target Price at $36.57

Shares of Tanger Inc. (NYSE:SKT) have been assigned an average recommendation of “Hold” from the nine brokerages that are covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $36.8750.

SKT has been the topic of several research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st. Scotiabank boosted their price objective on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Citigroup restated a “neutral” rating and issued a $35.00 target price (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. Barclays lifted their price target on Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Finally, LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a report on Thursday, November 20th.

Institutional Investors Weigh In On Tanger

A number of large investors have recently made changes to their positions in SKT. SHP Wealth Management purchased a new position in Tanger during the fourth quarter worth approximately $25,000. Salomon & Ludwin LLC acquired a new stake in shares of Tanger in the 3rd quarter worth $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Tanger by 127.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 531 shares during the period. Advisory Services Network LLC acquired a new position in shares of Tanger during the 3rd quarter valued at about $33,000. Finally, City Holding Co. acquired a new position in shares of Tanger during the 3rd quarter valued at about $34,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Trading Down 1.9%

Shares of SKT stock opened at $36.04 on Wednesday. Tanger has a 1-year low of $28.69 and a 1-year high of $37.95. The company has a market cap of $4.13 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 1.60 and a beta of 1.16. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a 50 day simple moving average of $34.18 and a 200-day simple moving average of $33.72.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $0.2925 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.2%. Tanger’s dividend payout ratio is presently 117.00%.

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.