Tanger (NYSE:SKT) Now Covered by Analysts at BMO Capital Markets

Research analysts at BMO Capital Markets initiated coverage on shares of Tanger (NYSE:SKT) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “market perform” rating and a $36.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ target price indicates a potential upside of 7.07% from the company’s previous close.

A number of other research firms have also weighed in on SKT. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Citigroup lifted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective for the company. Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $36.00.

Tanger Trading Up 2.5 %

SKT opened at $33.62 on Tuesday. Tanger has a 52 week low of $25.67 and a 52 week high of $37.57. The company has a market capitalization of $3.72 billion, a P/E ratio of 39.10, a PEG ratio of 2.71 and a beta of 1.92. The stock’s fifty day moving average is $34.73 and its two-hundred day moving average is $32.53. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) 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 the consensus estimate of $125.80 million. During the same quarter in the previous year, the company earned $0.50 earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis. Analysts forecast that Tanger will post 2.11 earnings per share for the current year.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. Natixis Advisors LLC grew its stake in shares of Tanger by 55.3% in the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after buying an additional 25,683 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.1% during the third 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 during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Tanger by 13.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after purchasing an additional 38,036 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Tanger by 5.2% in the third 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, GAMMA Investing LLC lifted its holdings in Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 514 shares in the last quarter. 85.23% of the stock is 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.