Tanger Inc. (NYSE:SKT) Stock Now Rated "Hold" by Sell-Side Brokerages

Key Points

• Analyst sentiment is mostly neutral: Seven of ten analysts rate Tanger “Hold,” with an average 12-month price target of $40.17.
• Quarterly results were mixed: Tanger reported EPS of $0.29, below the $0.63 consensus, while revenue of $157.72 million exceeded expectations and rose 8.6% year over year.
• The company declared a quarterly dividend of $0.3125 per share, equivalent to a 3.2% yield; its payout ratio is 112.61%.

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been assigned an average recommendation of "Hold" from the ten analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $40.17.

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group set a $40.00 price objective on shares of Tanger in a research report on Wednesday, October 7th. Citigroup boosted their target price on Tanger from $39.00 to $41.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Tanger in a research report on Thursday, October 15th. Barclays dropped their price target on Tanger from $42.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, September 28th. Finally, JPMorgan Chase & Co. lowered Tanger from an "overweight" rating to a "neutral" rating and set a $39.00 price target on the stock. in a report on Thursday, September 24th.

Tanger Trading Down 0.0%

SKT opened at $38.70 on Monday. Tanger has a twelve month low of $31.13 and a twelve month high of $42.53. The company has a fifty day moving average of $36.07 and a 200-day moving average of $36.77. The stock has a market cap of $4.45 billion, a PE ratio of 34.86, a price-to-earnings-growth ratio of 2.42 and a beta of 1.12. The company has a quick ratio of 2.12, a current ratio of 0.40 and a debt-to-equity ratio of 2.34.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.34). Tanger had a net margin of 20.58% and a return on equity of 18.08%. The company had revenue of $157.72 million during the quarter, compared to the consensus estimate of $148.87 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The business's revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts predict that Tanger will post 2.50 EPS for the current year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.3125 per share. The ex-dividend date is Friday, October 30th. This represents a $1.25 annualized dividend and a dividend yield of 3.2%. Tanger's payout ratio is currently 112.61%.

Hedge Funds Weigh In On Tanger

A number of large investors have recently modified their holdings of SKT. Aberdeen Group plc lifted its holdings in shares of Tanger by 468.5% in the third quarter. Aberdeen Group plc now owns 281,779 shares of the real estate investment trust's stock valued at $9,665,000 after purchasing an additional 232,218 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Tanger by 14.8% during the third quarter. Fisher Asset Management LLC now owns 497,196 shares of the real estate investment trust's stock valued at $17,054,000 after buying an additional 63,997 shares during the last quarter. Aew Capital Management Inc. bought a new stake in Tanger during the third quarter worth $174,000. Maryland State Retirement & Pension System grew its holdings in Tanger by 52.6% during the third quarter. Maryland State Retirement & Pension System now owns 25,500 shares of the real estate investment trust's stock worth $875,000 after buying an additional 8,792 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in Tanger by 9.2% during the third quarter. Illinois Municipal Retirement Fund now owns 60,188 shares of the real estate investment trust's stock worth $2,064,000 after buying an additional 5,079 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

About Tanger

Tanger Inc is a real estate investment trust that owns, operates and develops shopping centers focused primarily on outlet retail. Its centers lease space to brand-name and designer retailers, along with restaurants and other businesses serving shoppers.

The company was founded by Stanley Tanger and opened its first outlet center in Burlington, North Carolina, in 1981. Formerly known as Tanger Factory Outlet Centers, it adopted the name Tanger Inc in 2023.

Tanger's portfolio serves shoppers in the United States and Canada.

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