Tanger (NYSE:SKT) Price Target Raised to $41.00

Tanger (NYSE:SKT) had its target price hoisted by investment analysts at Citigroup from $34.00 to $41.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s price target points to a potential upside of 14.69% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Evercore ISI increased their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Compass Point increased their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $40.00 in a report on Monday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.83.

Tanger Price Performance

NYSE:SKT traded down $0.19 during midday trading on Wednesday, hitting $35.75. The company had a trading volume of 223,576 shares, compared to its average volume of 736,982. The stock’s fifty day moving average price is $33.11 and its 200-day moving average price is $29.66. Tanger has a 52-week low of $24.72 and a 52-week high of $36.46. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $3.96 billion, a PE ratio of 41.58, a P/E/G ratio of 2.82 and a beta of 1.88.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 earnings per share. As a group, research analysts expect that Tanger will post 2.1 earnings per share for the current year.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its position in shares of 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 purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in Tanger in the 2nd quarter valued at about $27,000. Whittier Trust Co. bought a new position in Tanger in the 2nd quarter worth about $33,000. GAMMA Investing LLC raised its stake in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 393 shares in the last quarter. Finally, CWM LLC boosted its holdings in shares of Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,398 shares during the period. 85.23% of the stock is 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.