Tanger (NYSE:SKT) Price Target Raised to $36.00

Tanger (NYSE:SKT) had its price objective increased by Scotiabank from $34.00 to $36.00 in a research note published on Tuesday,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Several other research firms have also recently weighed in on SKT. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Compass Point cut Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price for the company. in a research note on Thursday, February 26th. Bank of America restated a “neutral” rating and set a $39.00 target price on shares of Tanger in a report on Friday, March 6th. Finally, Barclays lifted their price target on shares of Tanger from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $37.13.

Tanger Stock Performance

SKT stock opened at $33.95 on Tuesday. Tanger has a 1-year low of $28.69 and a 1-year high of $37.95. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17. The firm has a market cap of $3.89 billion, a PE ratio of 33.95, a P/E/G ratio of 1.63 and a beta of 1.16. The business’s 50-day moving average price is $34.54 and its two-hundred day moving average price is $33.84.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $0.2925 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. Tanger’s payout ratio is currently 117.00%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Tanger by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after purchasing an additional 789,935 shares in the last quarter. State Street Corp raised its stake in shares of Tanger by 3.4% during the 2nd quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after purchasing an additional 215,174 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tanger by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 2,879,693 shares of the real estate investment trust’s stock valued at $96,111,000 after buying an additional 27,201 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Tanger by 11.3% in the 4th quarter. Wellington Management Group LLP now owns 2,427,912 shares of the real estate investment trust’s stock valued at $81,019,000 after buying an additional 245,639 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Tanger by 13.0% in the third quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock valued at $77,870,000 after buying an additional 264,408 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

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.