Tanger (NYSE:SKT) Upgraded to Buy at Compass Point

Compass Point upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a report issued on Thursday morning, Marketbeat reports. They currently have $32.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $31.00.

Other equities research analysts have also issued research reports about the company. Bank of America upgraded Tanger from an underperform rating to a neutral rating and boosted their price target for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Citigroup upgraded Tanger from a neutral rating to a buy rating and boosted their price target for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Finally, Evercore ISI decreased their target price on Tanger from $29.00 to $28.00 and set an in-line rating for the company in a report on Wednesday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tanger has an average rating of Hold and an average target price of $29.83.

Tanger Stock Down 1.9 %

Shares of SKT stock traded down $0.53 during trading hours on Thursday, reaching $27.46. 1,436,287 shares of the company’s stock were exchanged, compared to its average volume of 741,721. Tanger has a 1 year low of $18.34 and a 1 year high of $29.98. The stock has a market cap of $3.00 billion, a PE ratio of 30.18, a PEG ratio of 3.54 and a beta of 1.85. The company has a current ratio of 0.20, a quick ratio of 0.19 and a debt-to-equity ratio of 2.54. The stock’s fifty day moving average price is $28.37 and its two-hundred day moving average price is $26.98.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.275 per share. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.01%. Tanger’s payout ratio is 120.88%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Loomis Sayles & Co. L P lifted its holdings in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 1,418 shares during the period. Fidelis Capital Partners LLC acquired a new position in Tanger in the first quarter valued at approximately $91,000. Federated Hermes Inc. acquired a new position in Tanger in the third quarter valued at approximately $125,000. Future Financial Wealth Managment LLC acquired a new position in Tanger in the fourth quarter valued at approximately $210,000. Finally, D.A. Davidson & CO. acquired a new position in Tanger in the fourth quarter valued at approximately $224,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Company Profile

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.