Tanger (NYSE:SKT) Earns “Neutral” Rating from Citigroup

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

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

Tanger Trading Up 0.8%

Shares of Tanger stock opened at $33.22 on Wednesday. The stock has a market cap of $3.82 billion, a PE ratio of 37.75, a price-to-earnings-growth ratio of 2.13 and a beta of 1.37. The firm has a fifty day moving average price of $33.37 and a 200 day moving average price of $32.03. Tanger has a 1 year low of $28.69 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11.

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

Insider Buying and Selling

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction 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. The trade was a 15.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund boosted its position in Tanger by 20.5% in 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 buying an additional 18,486 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Tanger by 13.5% in the first quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust’s stock worth $6,626,000 after acquiring an additional 23,305 shares in the last quarter. Strs Ohio purchased a new position in Tanger in the first quarter valued at about $672,000. Cbre Investment Management Listed Real Assets LLC grew its stake in Tanger by 2,703.2% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust’s stock valued at $6,763,000 after purchasing an additional 193,011 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Tanger by 1.1% during 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 purchasing an additional 193,141 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.