The Goldman Sachs Group Increases Tanger (NYSE:SKT) Price Target to $35.00

Tanger (NYSE:SKT - Get Free Report) had its target price boosted by stock analysts at The Goldman Sachs Group from $31.00 to $35.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. The Goldman Sachs Group's price target would suggest a potential downside of 2.40% from the stock's current price.

Several other equities analysts also recently commented on SKT. 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 report on Friday, October 25th. Bank of America upgraded Tanger from a "neutral" rating to a "buy" rating and increased their price target for the stock from $35.00 to $40.00 in a report on Monday. Scotiabank boosted their price objective on Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Monday, August 26th. Citigroup increased their target price on Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.86.

Tanger Price Performance

NYSE:SKT traded up $0.13 during trading hours on Friday, reaching $35.86. The stock had a trading volume of 905,941 shares, compared to its average volume of 739,862. The stock has a market capitalization of $3.97 billion, a PE ratio of 41.49, a PEG ratio of 2.80 and a beta of 1.88. Tanger has a 52 week low of $24.72 and a 52 week high of $36.46. The company has a 50 day moving average price of $33.21 and a two-hundred day moving average price of $29.70. 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 (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The company 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%. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS. As a group, sell-side analysts anticipate that Tanger will post 2.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank increased its holdings in Tanger by 2.5% during the first quarter. Swiss National Bank now owns 212,500 shares of the real estate investment trust's stock valued at $6,275,000 after buying an additional 5,200 shares during the period. ProShare Advisors LLC increased its holdings in shares of Tanger by 9.9% in the 1st quarter. ProShare Advisors LLC now owns 21,166 shares of the real estate investment trust's stock valued at $625,000 after acquiring an additional 1,905 shares during the period. SageView Advisory Group LLC bought a new position in shares of Tanger in the 1st quarter worth $145,000. Vanguard Group Inc. boosted its position in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust's stock valued at $515,498,000 after purchasing an additional 608,547 shares in the last quarter. Finally, UniSuper Management Pty Ltd grew its stake in Tanger by 84.0% in the first quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust's stock valued at $1,576,000 after purchasing an additional 24,369 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

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.