Tanger (NYSE:SKT) Given "Buy (B)" Rating at Weiss Ratings

Key Points

• Tanger's stock has received a "buy (B)" rating reaffirmed by Weiss Ratings, indicating positive analyst sentiment towards the company.
• Barclays and LADENBURG THALM/SH SH both increased their target prices for Tanger to $35.00, with analysts generally rating the stock as a "Moderate Buy" with an average price target of $36.80.
• The company reported a quarterly earnings per share of $0.58, surpassing expectations, with revenue increasing by 9.2% year-over-year.

Tanger (NYSE:SKT - Get Free Report)'s stock had its "buy (b)" rating reiterated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also weighed in on SKT. Barclays increased their target price on shares of Tanger from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Monday. LADENBURG THALM/SH SH began coverage on shares of Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Wall Street Zen upgraded shares of Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Evercore ISI increased their target price on shares of Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Tanger presently has a consensus rating of "Moderate Buy" and an average price target of $36.80.

Tanger Stock Performance

SKT traded down $0.20 during trading on Wednesday, hitting $32.87. 517,665 shares of the company traded hands, compared to its average volume of 977,445. The firm has a market cap of $3.72 billion, a P/E ratio of 37.35, a price-to-earnings-growth ratio of 2.13 and a beta of 1.36. The stock's fifty day moving average is $33.18 and its 200 day moving average is $31.76. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. Tanger has a one year low of $28.69 and a one year high of $37.57.

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

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's 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 transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Tanger

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

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