Tanger’s (SKT) “Buy (B)” Rating Reiterated at Weiss Ratings

Tanger (NYSE:SKT)‘s stock had its “buy (b)” rating reissued by equities researchers at Weiss Ratings in a report released on Friday,Weiss Ratings reports.

Other analysts have also recently issued reports about the stock. Barclays upped their target price on shares of Tanger from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Evercore ISI increased their price objective on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research report on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Tanger Stock Up 0.2%

Shares of NYSE SKT opened at $33.30 on Friday. The firm’s 50-day moving average price is $33.43 and its 200-day moving average price is $31.78. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 37.84, a P/E/G ratio of 2.14 and a beta of 1.36. Tanger has a 12-month low of $28.69 and a 12-month high of $37.57.

Tanger (NYSE:SKT) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The firm had revenue of $133.44 million for the quarter, compared to analysts’ expectations of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities research analysts anticipate that Tanger will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the transaction, the executive vice president directly owned 92,665 shares in the company, valued at $3,219,182.10. This represents a 15.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tanger

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Tanger by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock worth $591,712,000 after acquiring an additional 193,141 shares in the last quarter. State Street Corp grew its stake in Tanger by 3.4% in the 2nd quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after acquiring an additional 215,174 shares in the last quarter. Geode Capital Management LLC grew its stake in Tanger by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust’s stock worth $86,892,000 after acquiring an additional 65,599 shares in the last quarter. Invesco Ltd. grew its stake in Tanger by 127.0% in the 2nd quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust’s stock worth $62,283,000 after acquiring an additional 1,139,288 shares in the last quarter. Finally, GRS Advisors LLC grew its stake in Tanger by 98.9% in the 2nd quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust’s stock worth $57,769,000 after acquiring an additional 939,424 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.