Brokerages Set Tanger Inc. (NYSE:SKT) Target Price at $36.00

Tanger Inc. (NYSE:SKT) has been assigned an average rating of “Hold” from the seven brokerages that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $36.00.

Several research firms have weighed in on SKT. Citigroup boosted their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Evercore ISI boosted their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock.

Insider Activity

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SKT. Natixis Advisors LLC grew its holdings in shares of Tanger by 55.3% during the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after purchasing an additional 25,683 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Tanger by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after buying an additional 21,793 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Tanger by 13.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after buying an additional 38,036 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Tanger by 5.2% in the 3rd quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock valued at $16,691,000 after acquiring an additional 25,014 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Tanger by 42.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock valued at $9,993,000 after acquiring an additional 109,388 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Price Performance

Shares of NYSE SKT opened at $32.97 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The firm has a market cap of $3.65 billion, a PE ratio of 38.34, a PEG ratio of 2.78 and a beta of 1.92. The company has a fifty day moving average price of $35.22 and a 200 day moving average price of $31.91. Tanger has a 1-year low of $25.67 and a 1-year high of $37.57.

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

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.