Tanger (NYSE:SKT) Price Target Increased to $31.00 by Analysts at Evercore ISI

Tanger (NYSE:SKT) had its price target boosted by investment analysts at Evercore ISI from $29.00 to $31.00 in a research note issued to investors on Monday, 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 2.21% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Scotiabank lifted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Compass Point raised their price target on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $31.33.

Tanger Trading Down 0.4 %

Shares of SKT stock traded down $0.13 on Monday, reaching $31.70. 59,192 shares of the company’s stock were exchanged, compared to its average volume of 745,107. The company’s fifty day simple moving average is $28.80 and its 200 day simple moving average is $28.15. Tanger has a 52 week low of $21.42 and a 52 week high of $32.05. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The stock has a market capitalization of $3.47 billion, a PE ratio of 34.84, a P/E/G ratio of 3.21 and a beta of 1.89.

Institutional Investors Weigh In On Tanger

A number of hedge funds have recently made changes to their positions in SKT. Blue Trust Inc. grew its stake in Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Tanger in the 2nd quarter valued at about $27,000. Whittier Trust Co. purchased a new position in shares of Tanger in the 2nd quarter worth approximately $33,000. GAMMA Investing LLC raised its stake in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares in the last quarter. Finally, CWM LLC lifted its position in Tanger by 418.6% during the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 1,398 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

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.