Tanger (NYSE:SKT) Price Target Raised to $33.00

Tanger (NYSE:SKT) had its price objective upped by analysts at Evercore ISI from $31.00 to $33.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would indicate a potential downside of 2.31% from the company’s previous close.

Other research analysts have also issued research reports about the company. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Compass Point boosted their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Bank of America boosted their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

Tanger Price Performance

Shares of SKT stock traded up $0.29 during trading hours on Thursday, hitting $33.78. The stock had a trading volume of 1,512,714 shares, compared to its average volume of 730,181. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 37.53, a PEG ratio of 2.84 and a beta of 1.88. Tanger has a one year low of $23.53 and a one year high of $34.81. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The stock’s 50-day moving average price is $32.68 and its two-hundred day moving average price is $29.45.

Hedge Funds Weigh In On Tanger

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Tanger by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after buying an additional 608,547 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tanger by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after purchasing an additional 123,107 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Tanger by 5.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock valued at $29,600,000 after purchasing an additional 55,794 shares during the last quarter. Land & Buildings Investment Management LLC lifted its holdings in shares of Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after purchasing an additional 358,860 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Tanger by 8.2% during the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock valued at $20,798,000 after purchasing an additional 58,205 shares during the last quarter. Institutional investors 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.