Barclays Increases Tanger (NYSE:SKT) Price Target to $37.00

Tanger (NYSE:SKT) had its price objective hoisted by investment analysts at Barclays from $35.00 to $37.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target suggests a potential upside of 11.84% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Evercore ISI boosted their price objective 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. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.29.

Tanger Price Performance

SKT traded up $0.13 during trading hours on Tuesday, hitting $33.08. The company’s stock had a trading volume of 180,923 shares, compared to its average volume of 921,862. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 37.62, a P/E/G ratio of 2.13 and a beta of 1.37. The business’s 50-day moving average price is $33.40 and its 200-day moving average price is $32.00. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. Tanger has a 12 month low of $28.69 and a 12 month high of $37.57.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business had revenue of $145.21 million during the quarter, compared to analysts’ expectations of $139.30 million. During the same period last year, the company posted $0.54 EPS. The business’s revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Sell-side analysts expect that Tanger will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Tanger

Several institutional investors and hedge funds have recently made changes to their positions in SKT. Salomon & Ludwin LLC purchased a new stake in Tanger in the third quarter worth about $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of 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 purchasing an additional 531 shares in the last quarter. City Holding Co. bought a new position in Tanger in the third quarter worth approximately $34,000. Neo Ivy Capital Management lifted its holdings in 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 buying an additional 1,018 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in Tanger during the 2nd quarter valued at $47,000. 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.