Compass Point Upgrades Tanger (NYSE:SKT) to “Buy”

Tanger (NYSE:SKT) was upgraded by stock analysts at Compass Point from a “neutral” rating to a “buy” rating in a research note issued on Thursday, FinViz reports. The firm currently has a $32.00 target price on the real estate investment trust’s stock, up from their prior target price of $31.00. Compass Point’s target price suggests a potential upside of 16.66% from the company’s current price.

Several other brokerages have also commented on SKT. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd. Finally, Evercore ISI decreased their target price on Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research report on Wednesday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $29.83.

Tanger Stock Down 3.2 %

SKT stock opened at $27.43 on Thursday. The stock has a market cap of $3.00 billion, a P/E ratio of 30.14, a PEG ratio of 3.58 and a beta of 1.85. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. Tanger has a twelve month low of $18.34 and a twelve month high of $29.98. The company’s 50 day moving average is $28.42 and its two-hundred day moving average is $26.94.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently bought and sold shares of the company. Loomis Sayles & Co. L P raised its position in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,418 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of Tanger in the 3rd quarter valued at about $125,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Tanger in the fourth quarter valued at about $210,000. D.A. Davidson & CO. acquired a new stake in shares of Tanger in the fourth quarter valued at about $224,000. Finally, Investment Management Associates Inc. ADV purchased a new stake in Tanger during the fourth quarter worth about $241,000. 85.23% of the stock is owned by institutional investors and hedge funds.

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.