Tanger (NYSE:SKT - Get Free Report) was upgraded by analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research report issued on Friday, Marketbeat reports. The firm currently has a $40.00 target price on the real estate investment trust's stock, up from their previous target price of $39.00. The Goldman Sachs Group's target price indicates a potential upside of 17.91% from the stock's previous close.
Other research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective on the stock. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $36.63.
Read Our Latest Stock Analysis on SKT
Tanger Price Performance
NYSE SKT traded up $0.13 on Friday, hitting $33.92. The company had a trading volume of 219,814 shares, compared to its average volume of 735,582. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The company has a market capitalization of $3.82 billion, a PE ratio of 38.92, a PEG ratio of 2.97 and a beta of 1.88. Tanger has a 12-month low of $25.94 and a 12-month high of $37.57. The company's fifty day moving average price is $33.65 and its 200-day moving average price is $34.06.
Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million during the quarter, compared to analysts' expectations of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. As a group, analysts predict that Tanger will post 2.24 earnings per share for the current year.
Insider Buying and Selling at Tanger
In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.80% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of SKT. Aster Capital Management DIFC Ltd boosted its position in shares of Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 733 shares during the period. Loomis Sayles & Co. L P lifted its stake in Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock valued at $57,000 after buying an additional 1,663 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Tanger in the fourth quarter valued at approximately $68,000. Coppell Advisory Solutions LLC grew its position in shares of Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 514 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.
About Tanger
(
Get Free Report)
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.
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