Tanger (NYSE:SKT) Upgraded by Compass Point to “Buy”

Tanger (NYSE:SKT) was upgraded by equities researchers at Compass Point from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, FinViz reports. The firm currently has a $32.00 price target on the real estate investment trust’s stock, up from their prior price target of $31.00. Compass Point’s target price indicates a potential upside of 16.66% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Evercore ISI lowered their price objective on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $29.83.

Tanger Trading Down 3.2 %

Shares of NYSE SKT opened at $27.43 on Thursday. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43. The stock’s 50 day moving average price is $28.42 and its two-hundred day moving average price is $26.94. Tanger has a 52-week low of $18.34 and a 52-week high of $29.98. The stock has a market capitalization of $3.00 billion, a P/E ratio of 30.14, a PEG ratio of 3.58 and a beta of 1.85.

Institutional Investors Weigh In On Tanger

Several hedge funds and other institutional investors have recently bought and sold shares of SKT. FMR LLC lifted its position in shares of Tanger by 33.1% during the 3rd quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock valued at $97,533,000 after acquiring an additional 1,072,443 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Tanger by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock worth $112,223,000 after purchasing an additional 94,887 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Tanger by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock valued at $54,844,000 after purchasing an additional 110,297 shares during the last quarter. Waterfront Capital Partners LLC lifted its holdings in shares of Tanger by 73.3% during the fourth quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock valued at $42,559,000 after purchasing an additional 649,610 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Tanger by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,487,323 shares of the real estate investment trust’s stock valued at $41,230,000 after purchasing an additional 6,643 shares during the period. 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.