Tanger (NYSE:SKT) PT Raised to $36.00 at Compass Point

Tanger (NYSE:SKT) had its price objective upped by research analysts at Compass Point from $34.00 to $36.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Compass Point’s price objective would suggest a potential upside of 6.04% from the stock’s previous close.

SKT has been the subject of a number of other reports. Evercore ISI upped their price objective on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Scotiabank increased their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Bank of America lifted their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

Tanger Stock Down 1.4 %

Shares of SKT stock traded down $0.47 during trading hours on Friday, reaching $33.95. The company had a trading volume of 116,380 shares, compared to its average volume of 731,316. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 37.72, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a 12 month low of $21.42 and a 12 month high of $34.81. The business has a fifty day simple moving average of $31.89 and a 200-day simple moving average of $29.02.

Institutional Investors Weigh In On Tanger

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in Tanger by 31.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 252,340 shares of the real estate investment trust’s stock worth $7,452,000 after purchasing an additional 61,096 shares during the period. State of Alaska Department of Revenue grew its stake in Tanger by 2.0% in the 1st quarter. State of Alaska Department of Revenue now owns 115,090 shares of the real estate investment trust’s stock valued at $3,397,000 after buying an additional 2,237 shares in the last quarter. Maryland State Retirement & Pension System raised its holdings in Tanger by 1.3% during the 1st quarter. Maryland State Retirement & Pension System now owns 38,802 shares of the real estate investment trust’s stock valued at $1,146,000 after acquiring an additional 512 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Tanger by 9.0% during the first quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock worth $2,150,000 after acquiring an additional 6,016 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Tanger during the first quarter worth $91,000. 85.23% of the stock is currently owned by institutional investors.

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.