Tanger (NYSE:SKT) Given New $28.00 Price Target at Evercore ISI

Tanger (NYSE:SKT) had its price target reduced by Evercore ISI from $29.00 to $28.00 in a research note released on Wednesday, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Other equities analysts have also issued research reports about the company. Bank of America upgraded Tanger from an underperform rating to a neutral rating and lifted their price target for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Citigroup raised Tanger from a neutral rating to a buy rating and upped their target price for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $29.83.

Tanger Stock Performance

SKT opened at $27.46 on Wednesday. The company has a current ratio of 0.20, a quick ratio of 0.19 and a debt-to-equity ratio of 2.54. Tanger has a 12-month low of $18.34 and a 12-month high of $29.98. The firm has a 50 day moving average of $28.37 and a two-hundred day moving average of $26.98. The firm has a market capitalization of $3.00 billion, a PE ratio of 30.18, a P/E/G ratio of 3.47 and a beta of 1.85.

Tanger Increases Dividend

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

Hedge Funds Weigh In On Tanger

Several hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp boosted its holdings in Tanger by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock valued at $270,000 after purchasing an additional 496 shares during the last quarter. Maryland State Retirement & Pension System raised its holdings in Tanger by 1.3% in the 1st quarter. Maryland State Retirement & Pension System now owns 38,802 shares of the real estate investment trust’s stock valued at $1,146,000 after buying an additional 512 shares during the period. M&T Bank Corp lifted its position in Tanger by 6.1% in the fourth quarter. M&T Bank Corp now owns 10,019 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 573 shares during the last quarter. Bailard Inc. boosted its stake in Tanger by 4.2% during the fourth quarter. Bailard Inc. now owns 14,900 shares of the real estate investment trust’s stock worth $413,000 after buying an additional 600 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in shares of Tanger by 1.1% during the first quarter. Louisiana State Employees Retirement System now owns 53,300 shares of the real estate investment trust’s stock valued at $1,574,000 after acquiring an additional 600 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

About Tanger

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.