Wall Street Zen Upgrades Tanger (NYSE:SKT) to "Hold"

Key Points

• Tanger (NYSE:SKT) was upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting a shift in analysts' outlook for the stock.
• The stock currently has a consensus rating of "Hold" with an average price target of $36.40, supported by both buy and hold ratings from multiple brokerages.
• Tanger's recent earnings report showed an EPS of $0.58, exceeding expectations and indicating a 9.2% year-over-year revenue growth.

Wall Street Zen upgraded shares of Tanger (NYSE:SKT - Free Report) from a sell rating to a hold rating in a research report sent to investors on Saturday morning.

Several other equities research analysts also recently commented on the company. Evercore ISI upgraded Tanger to a "hold" rating in a report on Friday, May 2nd. LADENBURG THALM/SH SH initiated coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price for the company. Scotiabank reduced their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Finally, Barclays started coverage on shares of Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $36.40.

Tanger Trading Up 0.9%

Tanger stock traded up $0.30 during mid-day trading on Friday, hitting $32.73. 296,673 shares of the stock were exchanged, compared to its average volume of 958,646. 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 12 month low of $27.37 and a 12 month high of $37.57. The firm's fifty day simple moving average is $30.98 and its two-hundred day simple moving average is $31.82. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 37.15, a PEG ratio of 2.08 and a beta of 1.23.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. The firm 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 company's revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 EPS. Analysts forecast that Tanger will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $0.2925 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.17 annualized dividend and a yield of 3.6%. Tanger's payout ratio is presently 132.95%.

Institutional Investors Weigh In On Tanger

Several hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. purchased a new position in shares of Tanger during the first quarter worth approximately $30,000. Neo Ivy Capital Management raised its stake 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 worth $40,000 after acquiring an additional 1,018 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Tanger during the second quarter worth approximately $47,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 1,415 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of Tanger during the second quarter valued at approximately $64,000. 85.23% of the stock is currently 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.