Tanger Inc. (NYSE:SKT) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Tanger Inc. (NYSE:SKT) has received a consensus rating of "Moderate Buy" from analysts, with an average 12-month target price of $36.50.
• In recent trading, EVP Gallardo Leslie Swanson sold 17,500 shares at an average price of $34.74, indicating a significant decrease in their ownership position.
• The company reported a 9.2% revenue increase to $133.44 million in its latest quarterly earnings, with an EPS of $0.58, exceeding estimates.

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the ten analysts that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $36.50.

SKT has been the topic of a number of recent research reports. Barclays lifted their target price on shares of Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a report on Wednesday, August 27th. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, LADENBURG THALM/SH SH started coverage on shares of Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective on the stock.

Insider Buying and Selling

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

Institutional Investors Weigh In On Tanger

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Tanger by 127.3% during the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 531 shares during the period. NBC Securities Inc. purchased a new position in Tanger during the 1st quarter worth $30,000. Neo Ivy Capital Management lifted its stake in shares of Tanger by 346.3% in the 2nd quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 1,018 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Tanger in the 2nd quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Tanger by 3,451.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 1,415 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Stock Down 0.8%

Tanger stock opened at $34.46 on Wednesday. The company has a market capitalization of $3.90 billion, a P/E ratio of 39.15, a PEG ratio of 2.24 and a beta of 1.34. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. Tanger has a fifty-two week low of $28.69 and a fifty-two week high of $37.57. The stock has a 50-day simple moving average of $32.31 and a 200-day simple moving average of $31.77.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The company had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The firm's revenue was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities research analysts expect that Tanger will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.4%. The ex-dividend date was Thursday, July 31st. Tanger's payout ratio is 132.95%.

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.

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