Tanger (NYSE:SKT) Research Coverage Started at Barclays

by · The Markets Daily

Barclays started coverage on shares of Tanger (NYSE:SKT – Free Report) in a report released on Wednesday morning, MarketBeat reports. The brokerage issued an equal weight rating and a $33.00 price objective on the real estate investment trust’s stock.

Other analysts also recently issued reports about the stock. Evercore ISI raised shares of Tanger to a “hold” rating in a research report on Friday, May 2nd. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, Scotiabank reduced their target price on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Tanger presently has an average rating of “Hold” and an average price target of $36.56.

Check Out Our Latest Stock Analysis on Tanger

Tanger Stock Up 0.9%

Shares of Tanger stock opened at $31.66 on Wednesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 2.37. The company’s fifty day simple moving average is $30.26 and its two-hundred day simple moving average is $32.21. The company has a market cap of $3.58 billion, a P/E ratio of 37.68, a PEG ratio of 3.01 and a beta of 1.17. Tanger has a 12-month low of $25.96 and a 12-month high of $37.57.

Tanger (NYSE:SKT – Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The business had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. Research analysts anticipate that Tanger will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were paid a $0.2925 dividend. This is a boost from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.70%. Tanger’s payout ratio is presently 139.29%.

Hedge Funds Weigh In On Tanger

Hedge funds have recently bought and sold shares of the company. Monument Capital Management bought a new position in Tanger in the 1st quarter worth about $351,000. Raymond James Financial Inc. bought a new position in Tanger in the 4th quarter worth about $4,972,000. Deutsche Bank AG boosted its stake in Tanger by 61.3% in the 4th quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust’s stock worth $6,085,000 after purchasing an additional 67,740 shares in the last quarter. Norges Bank bought a new position in Tanger in the 4th quarter worth about $22,239,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Tanger by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock worth $68,161,000 after purchasing an additional 31,750 shares in the last quarter. 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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