Tanger Inc. (NYSE:SKT) Receives $36.13 Average Price Target from Analysts

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus recommendation of “Hold” from the nine research firms that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $36.1250.

A number of analysts have recently issued reports on the company. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Citigroup reaffirmed a “neutral” rating and set a $35.00 target price (down previously from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Finally, Evercore ISI increased their price target on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th.

Insider Buying and Selling at Tanger

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the sale, the executive vice president directly owned 92,665 shares in the company, valued at $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tanger

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its position in Tanger by 13.5% in the 1st quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust’s stock worth $6,626,000 after purchasing an additional 23,305 shares during the last quarter. Strs Ohio acquired a new position in shares of Tanger during the first quarter valued at about $672,000. Cbre Investment Management Listed Real Assets LLC lifted its stake in shares of Tanger by 2,703.2% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust’s stock valued at $6,763,000 after buying an additional 193,011 shares during the period. Vanguard Group Inc. grew its position in Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock worth $591,712,000 after buying an additional 193,141 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Tanger during the first quarter worth about $4,195,000. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 0.2%

Tanger stock opened at $33.64 on Monday. Tanger has a 52 week low of $28.69 and a 52 week high of $37.57. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 38.23, a PEG ratio of 2.13 and a beta of 1.37. The company’s 50-day moving average price is $33.27 and its two-hundred day moving average price is $32.16. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. The company had revenue of $145.21 million for the quarter, compared to analysts’ expectations of $139.30 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. On average, analysts expect that Tanger will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 31st were issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, October 31st. Tanger’s dividend payout ratio (DPR) is currently 124.47%.

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.