Bank of America Reiterates “Neutral” Rating for Tanger (NYSE:SKT)

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

A number of other analysts have also commented on the company. Scotiabank raised their price target on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Compass Point cut shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price for the company. in a research report on Thursday, February 26th. Citigroup reaffirmed a “neutral” rating and set a $35.00 target price (down from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Barclays raised their price objective on shares of Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a report on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $36.88.

Tanger Trading Down 1.8%

NYSE:SKT opened at $36.74 on Friday. The firm has a market capitalization of $4.21 billion, a P/E ratio of 36.74, a P/E/G ratio of 1.63 and a beta of 1.16. 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 company has a fifty day moving average of $34.14 and a 200 day moving average of $33.69. Tanger has a 52 week low of $28.69 and a 52 week high of $37.95.

Institutional Investors Weigh In On Tanger

Institutional investors have recently modified their holdings of the stock. Freestone Grove Partners LP raised its position in shares of Tanger by 6,634.5% in the 4th quarter. Freestone Grove Partners LP now owns 1,184,674 shares of the real estate investment trust’s stock worth $39,533,000 after purchasing an additional 1,167,083 shares during the last quarter. Invesco Ltd. increased its stake in Tanger by 127.0% during the 2nd quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust’s stock valued at $62,283,000 after purchasing an additional 1,139,288 shares in the last quarter. GRS Advisors LLC raised its holdings in Tanger by 98.9% in the second quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust’s stock worth $57,769,000 after buying an additional 939,424 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in shares of Tanger by 2,190.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock worth $28,181,000 after buying an additional 796,411 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Tanger by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after buying an additional 789,935 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other 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.