Compass Point Raises Tanger (NYSE:SKT) Price Target to $36.00

Tanger (NYSE:SKT) had its price target hoisted by research analysts at Compass Point from $34.00 to $36.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Compass Point’s price objective suggests a potential upside of 6.86% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Evercore ISI upped their price target on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Bank of America upped their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Finally, Scotiabank upped their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Tanger has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Tanger Stock Performance

Shares of SKT opened at $33.69 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The stock has a market capitalization of $3.68 billion, a P/E ratio of 37.43, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The firm’s fifty day simple moving average is $32.01 and its two-hundred day simple moving average is $29.07. Tanger has a 12 month low of $21.42 and a 12 month high of $34.81.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently made changes to their positions in the business. UniSuper Management Pty Ltd raised its holdings in shares of Tanger by 84.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after acquiring an additional 24,369 shares during the last quarter. Hancock Whitney Corp increased its stake in Tanger by 46.8% in the 1st quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock valued at $2,116,000 after buying an additional 22,859 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in Tanger by 3.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock valued at $2,783,000 after buying an additional 3,272 shares during the last quarter. ClariVest Asset Management LLC increased its stake in Tanger by 146.6% in the 1st quarter. ClariVest Asset Management LLC now owns 71,741 shares of the real estate investment trust’s stock valued at $2,119,000 after buying an additional 42,651 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Tanger by 9.0% in the 1st quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock valued at $2,150,000 after buying an additional 6,016 shares during the last quarter. 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.