Tanger (NYSE:SKT) Coverage Initiated at BMO Capital Markets

Investment analysts at BMO Capital Markets assumed coverage on shares of Tanger (NYSE:SKT) in a research note issued on Tuesday, MarketBeat reports. The brokerage set a “market perform” rating and a $36.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ price target points to a potential upside of 9.85% from the stock’s current price.

SKT has been the subject of several other reports. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Compass Point boosted their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. The Goldman Sachs Group raised their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Citigroup boosted their price objective on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.00.

Tanger Price Performance

Shares of SKT stock opened at $32.77 on Tuesday. Tanger has a twelve month low of $25.67 and a twelve month high of $37.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock has a fifty day simple moving average of $34.59 and a two-hundred day simple moving average of $32.58. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 38.11, a P/E/G ratio of 2.71 and a beta of 1.92.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. During the same period last year, the company earned $0.50 earnings per share. The firm’s revenue was up 13.3% compared to the same quarter last year. On average, analysts predict that Tanger will post 2.11 EPS for the current fiscal year.

Insider Activity at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Tanger

Several hedge funds have recently added to or reduced their stakes in the business. DAVENPORT & Co LLC grew its stake in shares of Tanger by 1.4% during the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after purchasing an additional 425 shares during the period. GAMMA Investing LLC boosted its holdings in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 514 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after buying an additional 583 shares during the period. Louisiana State Employees Retirement System increased its holdings in Tanger by 1.1% in the fourth quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the real estate investment trust’s stock valued at $1,826,000 after buying an additional 600 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Tanger by 21.6% in the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock worth $153,000 after acquiring an additional 795 shares during the period. 85.23% of the stock is owned by hedge funds and other 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.