Tanger (NYSE:SKT) Raised to Buy at The Goldman Sachs Group

Tanger (NYSE:SKT) was upgraded by research analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat.com reports. The firm currently 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 price objective indicates a potential upside of 21.67% from the stock’s current price.

A number of other research firms have also issued reports on SKT. BMO Capital Markets began coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Trading Up 0.0 %

Shares of NYSE SKT opened at $32.88 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. Tanger has a 12 month low of $25.94 and a 12 month high of $37.57. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 37.79, a P/E/G ratio of 2.97 and a beta of 1.88. The business has a fifty day simple moving average of $33.64 and a 200-day simple moving average of $34.02.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The company had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. Sell-side analysts predict that Tanger will post 2.24 EPS for the current year.

Insiders Place Their Bets

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

A number of institutional investors have recently added to or reduced their stakes in SKT. FMR LLC raised its holdings in shares of Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after purchasing an additional 1,873,835 shares in the last quarter. Nuveen Asset Management LLC increased its position in Tanger by 78.6% during the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock worth $58,525,000 after buying an additional 754,429 shares during the last quarter. Wellington Management Group LLP raised its holdings in Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock valued at $93,805,000 after buying an additional 697,291 shares in the last quarter. Northern Trust Corp lifted its position in shares of Tanger by 56.4% in the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock worth $62,016,000 after buying an additional 655,237 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Tanger during the 4th quarter worth about $22,239,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.