The Goldman Sachs Group Forecasts Strong Price Appreciation for Tanger (NYSE:SKT) Stock

Tanger (NYSE:SKT) had its target price upped by analysts at The Goldman Sachs Group from $31.00 to $35.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 2.45% from the company’s current price.

A number of other brokerages have also recently commented on SKT. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $35.00 to $40.00 in a report on Monday. Evercore ISI lifted their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Scotiabank lifted their target price 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. Compass Point boosted their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Citigroup lifted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and an average price target of $34.86.

Tanger Trading Up 0.4 %

Shares of SKT stock opened at $35.88 on Friday. Tanger has a twelve month low of $24.72 and a twelve month high of $36.46. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 2.80 and a beta of 1.88. The company’s 50-day moving average price is $33.21 and its 200-day moving average price is $29.70. 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 announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same period in the previous year, the company earned $0.50 earnings per share. Tanger’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, equities analysts predict that Tanger will post 2.1 earnings per share for the current year.

Institutional Trading of Tanger

A number of hedge funds have recently added to or reduced their stakes in SKT. Blue Trust Inc. raised its holdings in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 819 shares during the period. HHM Wealth Advisors LLC acquired a new stake in Tanger during the 2nd quarter valued at $27,000. Whittier Trust Co. purchased a new stake in Tanger during the 2nd quarter worth $33,000. GAMMA Investing LLC increased its stake in Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the period. Finally, CWM LLC lifted its holdings in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares in 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.