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

Shares of Tanger Inc. (NYSE:SKT) have been assigned a consensus rating of “Hold” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $36.00.

Several research analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Citigroup upped their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $40.00 in a report on Monday, November 11th. The Goldman Sachs Group lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company.

Tanger Trading Down 0.6 %

Shares of SKT stock opened at $32.97 on Friday. The firm has a market capitalization of $3.65 billion, a PE ratio of 38.34, a price-to-earnings-growth ratio of 2.78 and a beta of 1.92. The stock has a fifty day moving average of $35.22 and a two-hundred day moving average of $31.91. Tanger has a 1 year low of $25.67 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same period in the previous year, the business posted $0.50 earnings per share. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, research analysts expect that Tanger will post 2.11 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in Tanger by 32.2% during the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after purchasing an additional 1,832,261 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Tanger by 387.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock worth $25,728,000 after buying an additional 616,417 shares during the last quarter. Land & Buildings Investment Management LLC grew its holdings in Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after acquiring an additional 358,860 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Tanger during the second quarter worth $4,539,000. Finally, Algert Global LLC lifted its stake in Tanger by 183.7% in the third quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock valued at $8,083,000 after buying an additional 157,742 shares during the period. Institutional investors own 85.23% of the company’s stock.

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.