Tanger (NYSE:SKT) Price Target Raised to $36.00

Tanger (NYSE:SKT) had its target price increased by investment analysts at Scotiabank from $34.00 to $36.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would suggest a potential upside of 4.71% from the stock’s current price.

SKT has been the subject of a number of other research reports. Barclays raised their target price on Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Compass Point cut Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a research note on Thursday, February 26th. Finally, Bank of America reaffirmed a “neutral” rating and set a $39.00 target price on shares of Tanger in a report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Tanger currently has a consensus rating of “Hold” and a consensus target price of $37.13.

Tanger Stock Performance

Shares of NYSE SKT traded up $0.18 during midday trading on Tuesday, reaching $34.38. The company had a trading volume of 132,144 shares, compared to its average volume of 1,054,793. Tanger has a 1 year low of $28.69 and a 1 year high of $37.95. The business’s 50-day simple moving average is $34.51 and its 200 day simple moving average is $33.85. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17. The stock has a market cap of $3.94 billion, a P/E ratio of 34.38, a P/E/G ratio of 1.63 and a beta of 1.15.

Hedge Funds Weigh In On Tanger

Institutional investors have recently modified their holdings of the stock. Freestone Grove Partners LP lifted its holdings in shares of Tanger by 6,634.5% in the 4th quarter. Freestone Grove Partners LP now owns 1,184,674 shares of the real estate investment trust’s stock valued at $39,533,000 after buying an additional 1,167,083 shares during the period. Invesco Ltd. raised its position in Tanger by 127.0% during the second quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust’s stock valued at $62,283,000 after acquiring an additional 1,139,288 shares in the last quarter. GRS Advisors LLC raised its position in Tanger by 98.9% during the second quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust’s stock valued at $57,769,000 after acquiring an additional 939,424 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Tanger by 2,190.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock valued at $28,181,000 after acquiring an additional 796,411 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Tanger by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after acquiring an additional 789,935 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.