Citigroup Forecasts Strong Price Appreciation for Tanger (NYSE:SKT) Stock

Tanger (NYSE:SKT) had its price target increased by Citigroup from $34.00 to $41.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s target price would indicate a potential upside of 14.75% from the stock’s previous close.

Several other brokerages also recently commented on SKT. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $35.00 to $40.00 in a report on Monday. Scotiabank increased their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI boosted their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Finally, Compass Point lifted their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Tanger presently has a consensus rating of “Moderate Buy” and an average price target of $34.83.

Tanger Stock Up 0.3 %

Shares of NYSE:SKT opened at $35.73 on Wednesday. Tanger has a 52 week low of $24.72 and a 52 week high of $36.46. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market cap of $3.95 billion, a PE ratio of 41.55, a price-to-earnings-growth ratio of 2.80 and a beta of 1.88. The firm has a 50 day simple moving average of $33.21 and a 200 day simple moving average of $29.70.

Tanger (NYSE:SKT) last released 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). The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. As a group, research analysts expect that Tanger will post 2.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SKT. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Tanger by 255.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,437 shares of the real estate investment trust’s stock worth $214,000 after purchasing an additional 4,625 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Tanger by 23.8% during the third quarter. Verition Fund Management LLC now owns 37,989 shares of the real estate investment trust’s stock worth $1,260,000 after buying an additional 7,300 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Tanger by 387.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock valued at $25,728,000 after buying an additional 616,417 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Tanger in the third quarter valued at about $1,161,000. Finally, BNP Paribas Financial Markets lifted its position in Tanger by 21.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 56,645 shares of the real estate investment trust’s stock worth $1,879,000 after buying an additional 9,891 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

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.