Tanger (NYSE:SKT) Given “Neutral” Rating at Bank of America

Tanger (NYSE:SKT)‘s stock had its “neutral” rating reiterated by equities research analysts at Bank of America in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $39.00 price target on the real estate investment trust’s stock. Bank of America‘s target price would indicate a potential upside of 6.15% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Barclays increased their price objective on Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Monday. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Scotiabank upped their price objective on shares of Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. Finally, Citigroup reissued a “neutral” rating and issued a $35.00 price target (down from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $36.88.

Tanger Trading Down 1.8%

Shares of Tanger stock opened at $36.74 on Friday. The company’s 50-day moving average price is $34.14 and its 200-day moving average price is $33.69. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17. Tanger has a 12-month low of $28.69 and a 12-month high of $37.95. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 1.63 and a beta of 1.16.

Institutional Investors Weigh In On Tanger

A number of hedge funds have recently made changes to their positions in SKT. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Tanger by 5.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 5,877 shares of the real estate investment trust’s stock valued at $199,000 after purchasing an additional 306 shares during the last quarter. M&T Bank Corp boosted its position in Tanger by 3.3% during the second quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust’s stock valued at $314,000 after buying an additional 326 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Tanger by 11.6% during the third quarter. Smartleaf Asset Management LLC now owns 3,185 shares of the real estate investment trust’s stock valued at $106,000 after buying an additional 330 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Tanger by 13.2% during the fourth quarter. GAMMA Investing LLC now owns 2,856 shares of the real estate investment trust’s stock valued at $95,000 after buying an additional 332 shares during the last quarter. Finally, M&G PLC increased its holdings in shares of Tanger by 5.6% in the third quarter. M&G PLC now owns 6,435 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 340 shares during the period. 85.23% of the stock is currently owned by institutional investors.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.