Tanger (NYSE:SKT) Stock Rating Upgraded by The Goldman Sachs Group

Tanger (NYSE:SKT) was upgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a $40.00 price target on the real estate investment trust’s stock, up from their prior price target of $39.00. The Goldman Sachs Group’s price objective indicates a potential upside of 21.81% from the stock’s previous close.

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

Tanger Trading Down 0.2 %

Shares of NYSE:SKT opened at $32.84 on Friday. The stock has a market capitalization of $3.70 billion, a PE ratio of 37.74, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The company’s 50-day moving average price is $33.64 and its two-hundred day moving average price is $33.98. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger has a one year low of $25.94 and a one year high of $37.57.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. On average, equities analysts forecast that Tanger will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in shares of Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust’s stock valued at $13,637,000 after acquiring an additional 10,283 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Tanger by 4.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust’s stock valued at $5,560,000 after purchasing an additional 7,647 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Tanger by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after purchasing an additional 21,793 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Tanger during the fourth quarter worth approximately $709,000. Finally, GAMMA Investing LLC increased its holdings in shares of 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 purchasing an additional 514 shares during the period. Institutional investors 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.