Tanger Inc. (NYSE:SKT) Stock Has Consensus Price Target of $40.17 According to Brokerages

Shares of Tanger Inc. (NYSE:SKT) have been given a consensus rating of “Hold” by the ten brokerages that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $40.17.

Several analysts recently commented on the stock. Weiss Ratings lowered shares of Tanger from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Barclays decreased their price target on shares of Tanger from $42.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, September 28th. Citigroup upped their price target on Tanger from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. The Goldman Sachs Group set a $40.00 price objective on Tanger in a research report on Wednesday, October 7th. Finally, JPMorgan Chase & Co. downgraded Tanger from an “overweight” rating to a “neutral” rating and set a $39.00 price objective for the company. in a research report on Thursday, September 24th.

Institutional Investors Weigh In On Tanger

Several hedge funds have recently modified their holdings of SKT. Fifth Third Bancorp boosted its position in shares of Tanger by 43.2% in the 1st quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 293 shares during the period. Laurel Wealth Advisors LLC purchased a new position in Tanger in the 3rd quarter worth about $35,000. IFP Advisors Inc raised its holdings in Tanger by 80.5% during the 2nd quarter. IFP Advisors Inc now owns 1,628 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 726 shares during the period. Hantz Financial Services Inc. raised its holdings in Tanger by 89.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,705 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 807 shares during the period. Finally, Assetmark Inc. raised its holdings in Tanger by 32.1% during the 1st quarter. Assetmark Inc. now owns 2,028 shares of the real estate investment trust’s stock worth $69,000 after buying an additional 493 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of Tanger stock opened at $39.80 on Monday. The company has a current ratio of 0.40, a quick ratio of 2.12 and a debt-to-equity ratio of 2.34. The company’s 50-day moving average price is $36.18 and its two-hundred day moving average price is $36.87. Tanger has a 52 week low of $31.13 and a 52 week high of $42.53. The stock has a market cap of $4.57 billion, a PE ratio of 15.90, a price-to-earnings-growth ratio of 2.48 and a beta of 1.12.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.34). Tanger had a net margin of 20.58% and a return on equity of 18.08%. The business had revenue of $157.72 million for the quarter, compared to the consensus estimate of $148.87 million. During the same quarter last year, the business posted $0.60 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Tanger will post 2.50 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $0.3125 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.25 dividend on an annualized basis and a dividend yield of 3.1%. Tanger’s payout ratio is 112.61%.

Tanger Company Profile

Tanger Inc. is a real estate investment trust that owns, operates and develops shopping centers focused primarily on outlet retail. Its centers lease space to brand-name and designer retailers, along with restaurants and other businesses serving shoppers. The company was founded by Stanley Tanger and opened its first outlet center in Burlington, North Carolina, in 1981. Formerly known as Tanger Factory Outlet Centers, it adopted the name Tanger Inc. in 2023. Tanger’s portfolio serves shoppers in the United States and Canada.