Evercore ISI Forecasts Strong Price Appreciation for Tanger (NYSE:SKT) Stock

Key Points

• Evercore ISI analysts have increased their price target for Tanger (NYSE:SKT) from $33.00 to $35.00, indicating a potential upside of 3.77% from the previous close.
• Tanger's latest earnings report showed that it exceeded analyst expectations with $0.58 EPS and a revenue of $133.44 million, reflecting a 9.2% year-over-year increase.
• Despite recent analyst upgrades, Tanger's stock price saw a decline of 1.1% to $33.73 during trading on Monday.

Tanger (NYSE:SKT - Get Free Report) had its price target boosted by stock analysts at Evercore ISI from $33.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price target suggests a potential upside of 5.18% from the company's current price.

A number of other research firms also recently commented on SKT. LADENBURG THALM/SH SH assumed coverage on Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective on the stock. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Barclays raised their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $36.70.

Tanger Stock Performance

NYSE SKT traded down $0.54 during trading hours on Monday, hitting $33.28. The company had a trading volume of 612,741 shares, compared to its average volume of 937,414. Tanger has a fifty-two week low of $28.69 and a fifty-two week high of $37.57. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The business has a fifty day simple moving average of $32.66 and a 200-day simple moving average of $31.72. The firm has a market cap of $3.77 billion, a P/E ratio of 37.84, a price-to-earnings-growth ratio of 2.19 and a beta of 1.34.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share 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 firm had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same period last year, the company earned $0.53 earnings per share. The firm's revenue for the quarter was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities analysts predict that Tanger will post 2.24 EPS for the current year.

Insider Activity at Tanger

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company's stock in a transaction 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 owned 92,665 shares in the company, valued at $3,219,182.10. This represents a 15.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Tanger

A number of large investors have recently made changes to their positions in SKT. Lazard Asset Management LLC increased its position in shares of Tanger by 45.1% in the 4th quarter. Lazard Asset Management LLC now owns 38,093 shares of the real estate investment trust's stock valued at $1,300,000 after buying an additional 11,846 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Tanger by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,620 shares of the real estate investment trust's stock valued at $2,069,000 after buying an additional 2,354 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Tanger by 78.6% in the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock valued at $58,525,000 after buying an additional 754,429 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its position in shares of Tanger by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 16,279 shares of the real estate investment trust's stock valued at $554,000 after buying an additional 624 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Tanger by 44.5% in the 4th quarter. ProShare Advisors LLC now owns 32,171 shares of the real estate investment trust's stock valued at $1,098,000 after buying an additional 9,901 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

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.