Barclays Boosts Tanger (NYSE:SKT) Price Target to $38.00

Tanger (NYSE:SKT) had its price objective upped by stock analysts at Barclays from $36.00 to $38.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective points to a potential upside of 2.95% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Compass Point cut Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price for the company. in a research note on Thursday. Citigroup reiterated a “neutral” rating and issued a $35.00 price target (down from $38.00) on shares of Tanger in a report on Wednesday, November 19th. Scotiabank lifted their price objective on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. Finally, LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.57.

Tanger Price Performance

NYSE:SKT traded down $0.15 during mid-day trading on Monday, reaching $36.91. 111,407 shares of the company were exchanged, compared to its average volume of 1,163,789. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.17. The stock has a market cap of $4.23 billion, a PE ratio of 36.95, a PEG ratio of 1.63 and a beta of 1.15. Tanger has a 12 month low of $28.69 and a 12 month high of $37.95. The company has a fifty day moving average of $33.91 and a 200 day moving average of $33.57.

Hedge Funds Weigh In On Tanger

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Tanger by 2.8% in the 1st quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock valued at $4,905,000 after acquiring an additional 3,995 shares during the period. AQR Capital Management LLC increased its stake in Tanger by 17.8% in the first quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust’s stock valued at $1,291,000 after purchasing an additional 5,765 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Tanger by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust’s stock valued at $2,171,000 after purchasing an additional 3,631 shares in the last quarter. United Services Automobile Association acquired a new stake in Tanger in the first quarter worth $233,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Tanger by 436.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock worth $27,073,000 after purchasing an additional 651,961 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.