The Goldman Sachs Group Issues Positive Forecast for Tanger (NYSE:SKT) Stock Price

Tanger (NYSE:SKT) had its target price upped by The Goldman Sachs Group from $31.00 to $35.00 in a report issued on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the real estate investment trust’s stock.

SKT has been the subject of a number of other reports. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Scotiabank raised their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI upped their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, Citigroup increased their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Stock Up 0.4 %

Shares of NYSE:SKT traded up $0.13 during mid-day trading on Friday, reaching $35.86. 906,042 shares of the stock were exchanged, compared to its average volume of 739,862. The company has a market cap of $3.97 billion, a P/E ratio of 41.70, a P/E/G ratio of 2.80 and a beta of 1.88. The stock’s 50 day simple moving average is $33.40 and its 200-day simple moving average is $29.79. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger has a one year low of $24.72 and a one year high of $36.46.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. As a group, equities research analysts predict that Tanger will post 2.1 EPS for the current year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio is 127.91%.

Institutional Trading of Tanger

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. lifted its position in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 819 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Tanger in the 2nd quarter valued at $27,000. Whittier Trust Co. acquired a new position in Tanger in the 2nd quarter valued at $33,000. GAMMA Investing LLC grew its holdings in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares in the last quarter. Finally, CWM LLC increased its position in Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares during the period. Institutional investors and hedge funds 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.