Tanger (NYSE:SKT) Now Covered by BMO Capital Markets

BMO Capital Markets began coverage on shares of Tanger (NYSE:SKT) in a research note published on Tuesday, MarketBeat Ratings reports. The firm issued a market perform rating and a $36.00 price target on the real estate investment trust’s stock.

SKT has been the topic of a number of other reports. Evercore ISI upped their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price on the stock. Citigroup upped their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Finally, Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $36.00.

Tanger Stock Performance

NYSE:SKT opened at $33.31 on Tuesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 52-week low of $25.67 and a 52-week high of $37.57. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of 38.73, a PEG ratio of 2.71 and a beta of 1.92. The business’s fifty day moving average is $34.52 and its 200 day moving average is $32.58.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. Research analysts predict that Tanger will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.30%. The ex-dividend date is Friday, January 31st. Tanger’s dividend payout ratio is presently 127.91%.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tanger

Institutional investors have recently bought and sold shares of the stock. Loomis Sayles & Co. L P boosted its holdings in Tanger by 3,393.9% during 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 acquiring an additional 1,663 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Tanger during the 2nd quarter valued at approximately $49,000. GAMMA Investing LLC raised its position in Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 790 shares during the last quarter. KBC Group NV raised its position in Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Tanger by 35.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 1,107 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

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.