Tanger (NYSE:SKT) Stock Rating Upgraded by The Goldman Sachs Group

Tanger (NYSE:SKT) was upgraded by equities research analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report issued on Friday, MarketBeat.com reports. The brokerage presently has a $40.00 price target on the real estate investment trust’s stock, up from their previous price target of $39.00. The Goldman Sachs Group’s target price suggests a potential upside of 21.67% from the stock’s current price.

A number of other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. BMO Capital Markets started coverage on Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.63.

Tanger Stock Up 0.0 %

Shares of Tanger stock opened at $32.88 on Friday. Tanger has a 1-year low of $25.94 and a 1-year high of $37.57. The company has a market capitalization of $3.71 billion, a PE ratio of 37.79, a P/E/G ratio of 2.97 and a beta of 1.88. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The business has a 50-day moving average of $33.64 and a 200-day moving average of $34.02.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. As a group, equities analysts forecast that Tanger will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mutual of America Capital Management LLC raised its holdings in Tanger by 1.9% during the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock worth $572,000 after purchasing an additional 319 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Tanger by 0.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock worth $1,272,000 after buying an additional 349 shares in the last quarter. FIL Ltd lifted its holdings in shares of Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 401 shares during the period. DAVENPORT & Co LLC boosted its stake in Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock valued at $1,074,000 after buying an additional 425 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in Tanger by 1.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock worth $1,121,000 after acquiring an additional 480 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.