Tanger Inc. (NYSE:SKT) Receives $36.00 Average Price Target from Analysts

Shares of Tanger Inc. (NYSE:SKT) have received a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $36.00.

A number of research firms have recently commented on SKT. Scotiabank boosted their price objective on Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday. Evercore ISI increased their target price on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research report on Friday, October 17th. Barclays reissued a “positive” rating and issued a $36.00 price target on shares of Tanger in a report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Finally, LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research report on Thursday, November 20th.

Tanger Trading Down 0.0%

Shares of NYSE:SKT opened at $33.50 on Tuesday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 2.20. Tanger has a 52-week low of $28.69 and a 52-week high of $36.76. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 35.64, a PEG ratio of 1.86 and a beta of 1.06. The business has a 50-day moving average price of $33.62 and a 200-day moving average price of $33.02.

Tanger (NYSE:SKT) last posted its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Tanger had a return on equity of 15.75% and a net margin of 19.15%.The firm had revenue of $145.21 million for the quarter, compared to analysts’ expectations of $139.30 million. During the same period last year, the firm earned $0.54 EPS. The company’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. Equities analysts predict that Tanger will post 2.24 EPS for the current year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, January 30th. Tanger’s payout ratio is presently 124.47%.

Hedge Funds Weigh In On Tanger

Hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio purchased a new stake in shares of Tanger during the 1st quarter valued at approximately $672,000. Voya Investment Management LLC increased its stake in Tanger by 98.9% during the first quarter. Voya Investment Management LLC now owns 154,079 shares of the real estate investment trust’s stock worth $5,206,000 after acquiring an additional 76,614 shares during the last quarter. Oliver Luxxe Assets LLC purchased a new stake in Tanger in the third quarter valued at $1,867,000. Janney Montgomery Scott LLC acquired a new position in shares of Tanger in the 2nd quarter valued at $9,227,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Tanger by 10.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 777,637 shares of the real estate investment trust’s stock worth $23,780,000 after purchasing an additional 76,330 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

About Tanger

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.