Compass Point Upgrades Tanger (NYSE:SKT) to Buy

Tanger (NYSE:SKT) was upgraded by equities researchers at Compass Point from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat reports. The firm presently has a $32.00 price target on the real estate investment trust’s stock, up from their prior price target of $31.00. Compass Point’s price objective would indicate a potential upside of 16.53% from the company’s current price.

Several other research firms have also recently commented on SKT. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Evercore ISI cut their price target on Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research note on Wednesday. Finally, Citigroup raised Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $29.83.

Tanger Stock Down 1.9 %

SKT stock traded down $0.53 during midday trading on Thursday, hitting $27.46. The company’s stock had a trading volume of 1,436,287 shares, compared to its average volume of 741,721. Tanger has a 52-week low of $18.34 and a 52-week high of $29.98. The firm has a 50-day simple moving average of $28.37 and a 200-day simple moving average of $26.98. The company has a quick ratio of 0.19, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. The firm has a market capitalization of $3.00 billion, a P/E ratio of 30.18, a PEG ratio of 3.54 and a beta of 1.85.

Institutional Trading of Tanger

A number of large investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Tanger by 33.1% during the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock worth $97,533,000 after buying an additional 1,072,443 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Tanger by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock worth $112,223,000 after purchasing an additional 94,887 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Tanger by 5.9% during 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. Waterfront Capital Partners LLC grew its position in Tanger by 73.3% in the 4th quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock valued at $42,559,000 after buying an additional 649,610 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Tanger by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,487,323 shares of the real estate investment trust’s stock valued at $41,230,000 after buying an additional 6,643 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

About Tanger

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.