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

Tanger Inc. (NYSE:SKT) has been given an average rating of “Moderate Buy” by the eight ratings firms that are currently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $36.00.

A number of equities research analysts have commented on SKT shares. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Citigroup reaffirmed a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. Barclays increased their target price on shares of Tanger from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Evercore ISI lifted their price target on shares of Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research report on Friday, October 17th.

Tanger Stock Performance

NYSE:SKT opened at $34.41 on Friday. The company’s 50-day moving average is $33.23 and its two-hundred day moving average is $32.49. Tanger has a 1-year low of $28.69 and a 1-year high of $36.76. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 36.61, a PEG ratio of 2.06 and a beta of 1.06.

Tanger (NYSE:SKT) last released its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. Tanger had a net margin of 19.15% and a return on equity of 15.75%. The firm had revenue of $145.21 million for the quarter, compared to analyst estimates of $139.30 million. During the same quarter in the previous year, the company earned $0.54 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Analysts forecast that Tanger will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were given a $0.2925 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.4%. Tanger’s payout ratio is presently 124.47%.

Institutional Investors Weigh In On Tanger

A number of institutional investors have recently modified their holdings of the company. Salomon & Ludwin LLC purchased a new stake in shares of Tanger in the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC grew its position in Tanger by 127.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 531 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Tanger during the third quarter worth about $33,000. City Holding Co. purchased a new stake in Tanger during the third quarter worth about $34,000. Finally, Neo Ivy Capital Management lifted its position 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 purchasing an additional 1,018 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

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.