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

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

Other equities analysts have also recently issued reports about the stock. BMO Capital Markets started coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective on the stock. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target on the stock. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Stock Down 0.2 %

Shares of SKT opened at $32.84 on Friday. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 37.74, a PEG ratio of 2.97 and a beta of 1.88. Tanger has a 52 week low of $25.94 and a 52 week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The business’s fifty day moving average price is $33.64 and its two-hundred day moving average price is $33.98.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Tanger during the fourth quarter worth $237,000. Employees Retirement System of Texas raised its stake in shares of Tanger by 1.6% in the 4th quarter. Employees Retirement System of Texas now owns 127,000 shares of the real estate investment trust’s stock valued at $4,335,000 after purchasing an additional 2,000 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Tanger in the fourth quarter valued at about $68,000. Public Employees Retirement System of Ohio boosted its position in shares of Tanger by 0.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock worth $5,386,000 after buying an additional 554 shares during the period. Finally, Vise Technologies Inc. bought a new position in shares of Tanger during the fourth quarter worth about $271,000. 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.