Tanger (NYSE:SKT) Rating Increased to Strong-Buy at LADENBURG THALM/SH SH

Tanger (NYSE:SKT) was upgraded by LADENBURG THALM/SH SH to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

A number of other research analysts have also commented on the company. Barclays increased their price objective on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Evercore ISI boosted their price objective on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Citigroup reaffirmed a “neutral” rating and set a $35.00 price objective (down from $38.00) on shares of Tanger in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Tanger presently has a consensus rating of “Hold” and an average target price of $36.13.

Tanger Stock Performance

Shares of SKT opened at $33.44 on Thursday. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 38.00, a price-to-earnings-growth ratio of 2.13 and a beta of 1.37. The company’s fifty day moving average is $33.29 and its 200-day moving average is $32.07. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. Tanger has a 12 month low of $28.69 and a 12 month high of $37.57.

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, topping analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $145.21 million during the quarter, compared to analysts’ expectations of $139.30 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. Tanger’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $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 EPS for the current fiscal year.

Insider Buying and Selling

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the sale, the executive vice president directly owned 92,665 shares of the company’s stock, valued at $3,219,182.10. This 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 currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. grew its position in Tanger by 5.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 5,877 shares of the real estate investment trust’s stock worth $199,000 after buying an additional 306 shares in the last quarter. M&T Bank Corp lifted its position in shares of Tanger by 3.3% in the 2nd quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust’s stock worth $314,000 after acquiring an additional 326 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Tanger by 11.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 3,185 shares of the real estate investment trust’s stock worth $106,000 after purchasing an additional 330 shares in the last quarter. M&G PLC grew its holdings in shares of Tanger by 5.6% during the 3rd quarter. M&G PLC now owns 6,435 shares of the real estate investment trust’s stock worth $219,000 after purchasing an additional 340 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Tanger by 1.1% during the third quarter. Amalgamated Bank now owns 32,386 shares of the real estate investment trust’s stock valued at $1,096,000 after purchasing an additional 342 shares during the period. Institutional investors and hedge funds 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.