Tanger Inc. (NYSE:SKT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Tanger Inc. (NYSE:SKT) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $37.00.

SKT has been the topic of several recent research reports. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective on the stock. Evercore ISI upped their price objective on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Finally, Barclays upped their price objective on Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th.

Tanger Price Performance

Shares of NYSE SKT opened at $32.92 on Thursday. 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 52 week low of $28.69 and a 52 week high of $37.57. The business’s 50 day moving average price is $33.46 and its 200 day moving average price is $31.83. The firm has a market cap of $3.73 billion, a P/E ratio of 37.41, a P/E/G ratio of 2.14 and a beta of 1.36.

Tanger (NYSE:SKT) last released its quarterly earnings data 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 business had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same quarter in the prior year, the firm posted $0.53 EPS. The business’s quarterly 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. On average, sell-side analysts expect that Tanger will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.2925 per share. The ex-dividend date is Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.6%. Tanger’s dividend payout ratio (DPR) is 132.95%.

Insider Activity

In other 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 transaction, the executive vice president owned 92,665 shares in the company, valued at $3,219,182.10. This trade represents a 15.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. New York State Common Retirement Fund increased its stake in shares of Tanger by 20.5% in the 1st quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust’s stock worth $3,673,000 after acquiring an additional 18,486 shares during the last quarter. Citigroup Inc. increased its stake in shares of Tanger by 13.5% in the 1st quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust’s stock worth $6,626,000 after acquiring an additional 23,305 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Tanger by 6.3% during the 1st quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust’s stock worth $5,879,000 after purchasing an additional 10,350 shares during the last quarter. Strs Ohio acquired a new stake in shares of Tanger during the 1st quarter worth about $672,000. Finally, Cbre Investment Management Listed Real Assets LLC increased its position in shares of Tanger by 2,703.2% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust’s stock worth $6,763,000 after purchasing an additional 193,011 shares during the last quarter. Hedge funds and other 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.