Analysts Forecast a Potential Drop in Tanger’s Stock Price
On November 11, 2024, B of A Securities changed their outlook on Tanger (LSE:0LD4) from Neutral to Buy.
Analyst Price Forecast Suggests 10.24% Downside
As of September 25, 2024, analysts set the average one-year price target for Tanger at 32.10 GBX per share. Predictions vary, with a low estimate at 29.27 GBX and a high at 35.67 GBX. This average price target indicates a potential decline of 10.24% from the recent close of 35.77 GBX per share.
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Tanger’s Projected Revenue Declines
The expected annual revenue for Tanger is forecasted at 456 million, which represents a decline of 12.81%. Non-GAAP earnings per share (EPS) are projected to be 0.59.
Fund Sentiment Shows Increased Institutional Interest
Currently, 663 funds or institutions report holding positions in Tanger, reflecting a rise of 23 owners or 3.59% over the previous quarter. On average, these funds allocate 0.19% of their portfolios to 0LD4, which is an increase of 1.00%. Institutional shares owned have risen by 4.44% over the last three months to a total of 103,212K shares.
IJR – iShares Core S&P Small-Cap ETF now holds 7,072K shares, representing 6.47% ownership of Tanger. In its last report, it owned 7,298K shares, indicating a decrease of 3.20%. The ETF reduced its allocation in 0LD4 by 7.61% this quarter.
VGSIX – Vanguard Real Estate Index Fund Investor Shares owns 4,362K shares, equating to 3.99% ownership. Previously, it held 4,396K shares, showing a decrease of 0.78%. The fund’s allocation in 0LD4 fell by 9.88% in the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares has 3,485K shares, representing 3.19% ownership. An increase of 5.51% occurred from its previous holding of 3,292K shares, although it still cut its allocation to 0LD4 by 5.51% recently.
Wellington Management Group LLP holds 2,914K shares for 2.66% ownership. This is a drop from 3,112K shares, marking a decrease of 6.82%, and a significant reduction of 87.80% in its portfolio allocation to 0LD4 this past quarter.
NAESX – Vanguard Small-Cap Index Fund Investor Shares reports holding 2,746K shares, or 2.51% of the company, which is up from 2,635K shares, reflecting an increase of 4.06%. The allocation in 0LD4 saw a slight boost of 0.38% in the last quarter.
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This article was originally published by Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect the official stance of Nasdaq, Inc.
