Tanger (NYSE:SKT) Given New $35.00 Price Target at The Goldman Sachs Group

Tanger (NYSE:SKT) had its price target raised by The Goldman Sachs Group from $31.00 to $35.00 in a research report sent to investors on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the real estate investment trust’s stock.

Other equities analysts have also issued reports about the stock. Citigroup raised their target price on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI boosted their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Tanger has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Tanger Price Performance

Shares of SKT stock traded up $0.13 during trading on Friday, hitting $35.86. The company had a trading volume of 906,042 shares, compared to its average volume of 739,862. The firm has a market capitalization of $3.97 billion, a P/E ratio of 41.70, a price-to-earnings-growth ratio of 2.80 and a beta of 1.88. Tanger has a one year low of $24.72 and a one year high of $36.46. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The stock’s 50-day moving average price is $33.40 and its 200 day moving average price is $29.79.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share 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 company posted $0.50 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. Equities analysts expect that Tanger will post 2.1 EPS for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.07%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is 127.91%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank raised its holdings in shares of Tanger by 2.5% during the first quarter. Swiss National Bank now owns 212,500 shares of the real estate investment trust’s stock valued at $6,275,000 after purchasing an additional 5,200 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Tanger by 9.9% in the 1st quarter. ProShare Advisors LLC now owns 21,166 shares of the real estate investment trust’s stock worth $625,000 after purchasing an additional 1,905 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in Tanger in the 1st quarter valued at $145,000. Vanguard Group Inc. raised its holdings in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after buying an additional 608,547 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Tanger by 84.0% in the first quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock valued at $1,576,000 after buying an additional 24,369 shares in the last quarter. 85.23% of the stock is owned by 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.