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

Tanger (NYSE:SKT) had its price objective upped by investment 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 target price suggests a potential downside of 2.45% from the company’s previous close.

A number of other analysts have also issued reports on the company. Scotiabank increased their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Citigroup lifted their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday. Compass Point raised their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Evercore ISI upped their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $35.00 to $40.00 in a research note on Monday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Performance

SKT stock opened at $35.88 on Friday. The company has a 50-day simple moving average of $33.21 and a 200 day simple moving average of $29.70. The company has a market capitalization of $3.97 billion, a P/E ratio of 41.49, a PEG ratio of 2.80 and a beta of 1.88. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger has a fifty-two week low of $24.72 and a fifty-two week high of $36.46.

Tanger (NYSE:SKT) last posted its quarterly earnings data 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 business 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% on a year-over-year basis. During the same quarter last year, the business posted $0.50 EPS. Sell-side analysts predict that Tanger will post 2.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the last quarter. EMC Capital Management increased its holdings in Tanger by 5.1% during the first quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $422,000 after buying an additional 697 shares during the last quarter. American International Group Inc. raised its position in Tanger by 1.5% during the first quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock worth $1,671,000 after acquiring an additional 813 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

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.