Tanger (NYSE:SKT) Stock Price Expected to Rise, Citigroup Analyst Says

Tanger (NYSE:SKT) had its target price increased by equities researchers at Citigroup from $34.00 to $41.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s price objective would indicate a potential upside of 14.69% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on SKT. Bank of America upgraded 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 report on Monday. Scotiabank raised their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI boosted their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Finally, Compass Point lifted their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.83.

Tanger Stock Down 0.5 %

NYSE SKT traded down $0.19 during mid-day trading on Wednesday, reaching $35.75. 223,576 shares of the company’s stock traded hands, compared to its average volume of 736,982. The company has a fifty day simple moving average of $33.11 and a 200-day simple moving average of $29.66. Tanger has a 1-year low of $24.72 and a 1-year high of $36.46. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 41.58, a P/E/G ratio of 2.82 and a beta of 1.88. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS 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 firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same period in the prior year, the business earned $0.50 EPS. The company’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts expect that Tanger will post 2.1 EPS for the current year.

Hedge Funds Weigh In On Tanger

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in Tanger by 32.2% during the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after purchasing an additional 1,832,261 shares during the period. Truvestments Capital LLC acquired a new stake in shares of Tanger during the 3rd quarter worth approximately $160,000. Loomis Sayles & Co. L P raised its position in Tanger by 3,393.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 1,663 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Tanger by 5.2% in the 3rd quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock valued at $16,691,000 after purchasing an additional 25,014 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Tanger by 6.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 36,423 shares of the real estate investment trust’s stock valued at $1,209,000 after purchasing an additional 2,165 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

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.