Tanger (NYSE:SKT) Coverage Initiated at BMO Capital Markets

Research analysts at BMO Capital Markets initiated coverage on shares of Tanger (NYSE:SKT - Get Free Report) in a report issued on Tuesday, MarketBeat.com reports. The brokerage set a "market perform" rating and a $36.00 price target on the real estate investment trust's stock. BMO Capital Markets' price target points to a potential upside of 9.69% from the company's previous close.

A number of other equities research analysts have also issued reports on SKT. Bank of America raised shares of Tanger from a "neutral" rating to a "buy" rating and increased their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. Evercore ISI increased their price objective on Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a report on Thursday, November 7th. Compass Point upped their price target on shares of Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price objective on the stock. Finally, Citigroup raised their price objective on Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $36.00.

Tanger Stock Performance

Shares of SKT stock traded down $0.21 on Tuesday, reaching $32.82. The stock had a trading volume of 213,898 shares, compared to its average volume of 614,441. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger has a 1 year low of $25.67 and a 1 year high of $37.57. The stock has a market cap of $3.63 billion, a P/E ratio of 38.16, a price-to-earnings-growth ratio of 2.72 and a beta of 1.92. The company has a 50 day simple moving average of $34.52 and a 200 day simple moving average of $32.58.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million during the quarter, compared to analysts' expectations of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. Equities research analysts expect that Tanger will post 2.11 EPS for the current year.

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tanger

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in Tanger by 32.2% during the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust's stock worth $249,625,000 after buying an additional 1,832,261 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust's stock valued at $65,210,000 after purchasing an additional 21,793 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Tanger by 387.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust's stock worth $25,728,000 after purchasing an additional 616,417 shares during the period. Millennium Management LLC lifted its position in shares of Tanger by 8.2% in the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust's stock worth $20,798,000 after buying an additional 58,205 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Tanger by 5.4% during the fourth quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust's stock worth $20,521,000 after acquiring an additional 30,618 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.