Tanger’s (SKT) Neutral Rating Reiterated at Citigroup

Citigroup reaffirmed their neutral rating on shares of Tanger (NYSE:SKT) in a report issued on Wednesday morning, MarketBeat.com reports. Citigroup currently has a $35.00 target price on the real estate investment trust’s stock, down from their previous target price of $38.00.

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

Tanger Trading Up 1.7%

NYSE:SKT opened at $33.44 on Wednesday. Tanger has a 52 week low of $28.69 and a 52 week high of $37.57. 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 firm’s fifty day moving average is $33.29 and its 200-day moving average is $32.07. The firm has a market cap of $3.85 billion, a P/E ratio of 38.00, a P/E/G ratio of 2.13 and a beta of 1.37.

Tanger (NYSE:SKT) last announced its 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. The business had revenue of $145.21 million during the quarter, compared to the consensus estimate of $139.30 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. Tanger’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Equities analysts expect that Tanger will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Friday, October 31st. Tanger’s dividend payout ratio (DPR) is 124.47%.

Insider Buying and Selling at Tanger

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total value 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. This trade represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is owned by insiders.

Institutional Trading of Tanger

A number of hedge funds and other institutional investors have recently bought and sold shares of SKT. Nuveen LLC acquired a new position in Tanger during the first quarter worth $57,926,000. Invesco Ltd. increased its position in shares of Tanger by 127.0% during the second quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust’s stock worth $62,283,000 after acquiring an additional 1,139,288 shares in the last quarter. GRS Advisors LLC raised its holdings in shares of Tanger by 98.9% in the 2nd quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust’s stock worth $57,769,000 after acquiring an additional 939,424 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its position in Tanger by 2,190.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock valued at $28,181,000 after acquiring an additional 796,411 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Tanger by 1,459.4% in the 3rd quarter. American Century Companies Inc. now owns 787,880 shares of the real estate investment trust’s stock valued at $26,662,000 after acquiring an additional 737,354 shares in the last quarter. Institutional investors 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.