Tanger (NYSE:SKT) Receives “Underperform” Rating from Bank of America

Tanger (NYSE:SKT)‘s stock had its “underperform” rating reiterated by investment analysts at Bank of America in a note issued to investors on Tuesday,Benzinga reports. They presently have a $38.00 target price on the real estate investment trust’s stock. Bank of America‘s target price would suggest a potential downside of 6.19% from the stock’s previous close.

A number of other equities analysts have also recently commented on SKT. Scotiabank raised their target price on Tanger from $36.00 to $37.00 and gave the company a “sector perform” rating in a report on Tuesday, May 19th. Compass Point cut Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price for the company. in a report on Thursday, February 26th. LADENBURG THALM/SH SH raised their target price on Tanger from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Barclays raised their target price on Tanger from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Finally, BMO Capital Markets raised their target price on Tanger from $40.00 to $42.00 and gave the company a “market perform” rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.75.

Tanger Stock Up 0.1%

Shares of NYSE:SKT opened at $40.51 on Tuesday. The business has a 50-day moving average price of $36.53 and a 200 day moving average price of $34.98. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 2.67. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 37.86, a PEG ratio of 1.92 and a beta of 1.11. Tanger has a 12-month low of $29.24 and a 12-month high of $41.03.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.04). The business had revenue of $150.42 million for the quarter, compared to analyst estimates of $142.94 million. Tanger had a return on equity of 17.53% and a net margin of 20.76%.During the same period in the previous year, the business posted $0.53 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Tanger has set its FY 2026 guidance at 2.420-2.500 EPS. Sell-side analysts expect that Tanger will post 2.46 EPS for the current year.

Hedge Funds Weigh In On Tanger

Several hedge funds and other institutional investors have recently made changes to their positions in SKT. SHP Wealth Management purchased a new position in shares of Tanger in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC increased its position in shares of Tanger by 127.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 531 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Tanger by 43.2% in the 1st quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 293 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Tanger in the 3rd quarter valued at approximately $33,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Tanger in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.