Tanger Inc. (NYSE:SKT) Receives Consensus Recommendation of “Hold” from Analysts

Tanger Inc. (NYSE:SKT) has received a consensus recommendation of “Hold” from the seven research firms that are presently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $29.57.

A number of brokerages have weighed in on SKT. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI cut their price target on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Compass Point upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $31.00 to $32.00 in a research note on Thursday, May 2nd. Finally, Scotiabank upgraded shares of Tanger from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $20.00 to $28.00 in a research note on Friday, May 17th.

Hedge Funds Weigh In On Tanger

Several institutional investors and hedge funds have recently modified their holdings of SKT. GAMMA Investing LLC lifted its position in Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares during the period. CWM LLC boosted its stake in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,398 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Tanger during the 1st quarter valued at approximately $91,000. BOKF NA grew its stake in shares of Tanger by 71.6% during the first quarter. BOKF NA now owns 4,884 shares of the real estate investment trust’s stock worth $143,000 after buying an additional 2,038 shares during the last quarter. Finally, SageView Advisory Group LLC bought a new stake in Tanger during the 1st quarter worth $145,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 0.3 %

NYSE:SKT opened at $27.00 on Friday. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 29.67, a PEG ratio of 2.81 and a beta of 1.90. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54. The stock has a 50-day moving average price of $27.19 and a two-hundred day moving average price of $27.68. Tanger has a 1 year low of $21.42 and a 1 year high of $29.98.

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.