Analysts Set Tanger Inc. (NYSE:SKT) Price Target at $36.71

Shares of Tanger Inc. (NYSE:SKT) have received an average rating of “Hold” from the eight research firms that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $36.7143.

A number of research analysts recently issued reports on SKT shares. Barclays boosted their price objective on Tanger from $36.00 to $38.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. Bank of America reiterated a “neutral” rating and issued a $39.00 target price on shares of Tanger in a research note on Friday, March 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Compass Point lowered shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a research report on Thursday, February 26th. Finally, Scotiabank increased their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “sector perform” rating in a report on Tuesday, March 24th.

Tanger Stock Performance

Shares of SKT stock opened at $33.93 on Friday. The company has a market cap of $3.89 billion, a P/E ratio of 33.93, a PEG ratio of 1.63 and a beta of 1.15. The business has a 50 day moving average of $34.56 and a two-hundred day moving average of $33.83. Tanger has a 52 week low of $28.69 and a 52 week high of $37.95. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.17.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a $0.2925 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.4%. Tanger’s dividend payout ratio (DPR) is presently 117.00%.

Hedge Funds Weigh In On Tanger

Several hedge funds and other institutional investors have recently made changes to their positions in SKT. SHP Wealth Management bought a new position in Tanger in the 4th quarter worth approximately $25,000. Salomon & Ludwin LLC bought a new stake in Tanger during the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC boosted its position in 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 Tanger during the 3rd quarter worth $33,000. Finally, City Holding Co. bought a new position in shares of Tanger in the third quarter worth $34,000. 85.23% of the stock is currently 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.