Tanger’s (SKT) Neutral Rating Reiterated at Citigroup

Tanger (NYSE:SKT)‘s stock had its “neutral” rating restated by stock analysts at Citigroup in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $35.00 target price on the real estate investment trust’s stock, down from their previous target price of $38.00. Citigroup’s price target would suggest a potential upside of 5.36% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Barclays lifted their target price on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a research note on Wednesday, October 8th. Finally, Evercore ISI lifted their price objective on shares of Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research note on Friday, October 17th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $36.13.

Tanger Trading Up 0.8%

Tanger stock opened at $33.22 on Wednesday. Tanger has a 1 year low of $28.69 and a 1 year high of $37.57. The firm’s 50-day moving average is $33.37 and its 200-day moving average is $32.03. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. The company has a market cap of $3.82 billion, a P/E ratio of 37.75, a PEG ratio of 2.13 and a beta of 1.37.

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

Insider Buying and Selling

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction 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 trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On Tanger

A number of hedge funds have recently added to or reduced their stakes in the company. New York State Common Retirement Fund boosted its stake in Tanger by 20.5% during the 1st quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust’s stock valued at $3,673,000 after purchasing an additional 18,486 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Tanger during the first quarter worth approximately $2,219,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Tanger during the first quarter worth approximately $887,000. Legato Capital Management LLC boosted its position in shares of Tanger by 29.3% in the first quarter. Legato Capital Management LLC now owns 65,330 shares of the real estate investment trust’s stock valued at $2,208,000 after acquiring an additional 14,786 shares during the period. Finally, Advisors Preferred LLC grew its stake in shares of Tanger by 6.2% in the first quarter. Advisors Preferred LLC now owns 168,755 shares of the real estate investment trust’s stock worth $5,741,000 after acquiring an additional 9,822 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

About Tanger

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.