Evercore ISI Increases Tanger (NYSE:SKT) Price Target to $29.00

Tanger (NYSE:SKT) had its price target hoisted by Evercore ISI from $28.00 to $29.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would suggest a potential downside of 4.45% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $31.00 to $32.00 in a report on Thursday, May 2nd. Scotiabank raised their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $30.67.

Tanger Trading Up 0.1 %

Shares of NYSE:SKT traded up $0.03 during trading on Wednesday, reaching $30.35. 495,977 shares of the company traded hands, compared to its average volume of 747,746. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. Tanger has a 52-week low of $21.42 and a 52-week high of $30.69. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 33.47, a P/E/G ratio of 2.85 and a beta of 1.90. The business’s fifty day moving average is $27.69 and its 200-day moving average is $27.92.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SKT. Charles Schwab Investment Management Inc. grew its holdings in Tanger by 5.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock worth $54,844,000 after purchasing an additional 110,297 shares during the period. GRS Advisors LLC boosted its holdings in Tanger by 136.7% in the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock worth $37,010,000 after acquiring an additional 771,066 shares in the last quarter. Norges Bank bought a new position in shares of Tanger during the fourth quarter valued at $19,141,000. UniSuper Management Pty Ltd raised its position in shares of Tanger by 84.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after purchasing an additional 24,369 shares during the last quarter. Finally, Hancock Whitney Corp boosted its stake in Tanger by 46.8% in the 1st quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after purchasing an additional 22,859 shares in 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.