Tanger (NYSE:SKT) Stock Price Expected to Rise, Evercore ISI Analyst Says

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 objective boosted by research analysts at Evercore ISI from $33.00 to $35.00 in a report issued on Monday,Benzinga reports. The firm presently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price objective indicates a potential upside of 3.77% from the company's previous close.

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

Tanger Stock Down 1.1%

Shares of NYSE:SKT traded down $0.39 during trading on Monday, reaching $33.73. 33,954 shares of the stock were exchanged, compared to its average volume of 926,132. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. Tanger has a 1-year low of $28.69 and a 1-year high of $37.57. The stock has a fifty day moving average of $32.48 and a two-hundred day moving average of $31.71. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 2.20 and a beta of 1.34.

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, beating analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.Tanger's quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Research analysts anticipate that Tanger will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total value of $607,950.00. Following the sale, the executive vice president directly owned 92,665 shares of the company's stock, valued at $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tanger

Several hedge funds have recently added to or reduced their stakes in SKT. EverSource Wealth Advisors LLC boosted its holdings in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 531 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Tanger during the first quarter valued at $30,000. Neo Ivy Capital Management lifted its holdings in shares of Tanger by 346.3% during the second quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust's stock valued at $40,000 after purchasing an additional 1,018 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in Tanger in the second quarter valued at about $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in 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 during the period. 85.23% of the stock is owned by institutional investors.

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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