Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

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

SKT has been the topic of a number of research reports. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Evercore ISI boosted their price objective on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Barclays raised their price objective on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Citigroup reiterated a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a report on Wednesday, November 19th.

Tanger Price Performance

NYSE:SKT opened at $34.05 on Tuesday. The business’s 50-day moving average is $33.63 and its 200 day moving average is $32.99. Tanger has a 12 month low of $28.69 and a 12 month high of $36.76. The company has a market capitalization of $3.92 billion, a P/E ratio of 36.22, a P/E/G ratio of 1.61 and a beta of 1.06. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 2.20.

Tanger (NYSE:SKT) last posted its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $139.30 million. During the same period last year, the firm posted $0.54 earnings per share. Tanger’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. On average, equities research analysts forecast that Tanger will post 2.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tanger

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Tanger by 3.4% in the second quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after purchasing an additional 215,174 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Tanger by 2.4% during the second quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust’s stock valued at $86,892,000 after buying an additional 65,599 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Tanger by 13.0% in the third quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock worth $77,870,000 after buying an additional 264,408 shares during the period. Wellington Management Group LLP lifted its stake in shares of Tanger by 18.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,182,273 shares of the real estate investment trust’s stock worth $73,848,000 after acquiring an additional 332,387 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Tanger by 1.6% during the 3rd quarter. Northern Trust Corp now owns 1,972,814 shares of the real estate investment trust’s stock valued at $66,760,000 after acquiring an additional 30,508 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.