Tanger (NYSE:SKT) Price Target Raised to $41.00 at Citigroup

by · The Markets Daily

Tanger (NYSE:SKT – Free Report) had its price target increased by Citigroup from $34.00 to $41.00 in a research report report published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also recently weighed in on SKT. Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Scotiabank upped their price objective on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price target for the stock from $35.00 to $40.00 in a report on Monday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Tanger presently has a consensus rating of “Moderate Buy” and an average target price of $34.83.

Get Our Latest Analysis on SKT

Tanger Stock Down 0.9 %

SKT stock opened at $35.63 on Wednesday. Tanger has a fifty-two week low of $24.72 and a fifty-two week high of $36.46. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 41.43, a PEG ratio of 2.82 and a beta of 1.88. The business’s fifty day moving average price is $33.21 and its two-hundred day moving average price is $29.70.

Tanger (NYSE:SKT – Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same quarter last year, the firm earned $0.50 EPS. Tanger’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities analysts anticipate that Tanger will post 2.1 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.09%. Tanger’s dividend payout ratio is currently 127.91%.

Hedge Funds Weigh In On Tanger

Several large investors have recently bought and sold shares of SKT. Blue Trust Inc. boosted its stake in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Tanger during the second quarter valued at $27,000. Whittier Trust Co. acquired a new stake in Tanger during the 2nd quarter worth about $33,000. GAMMA Investing LLC raised its position in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares in the last quarter. Finally, Loomis Sayles & Co. L P lifted its stake in shares of Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 1,663 shares during the period. 85.23% of the stock is currently owned by institutional investors.

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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