Compass Point Downgrades Tanger (NYSE:SKT) to Neutral

Tanger (NYSE:SKT) was downgraded by stock analysts at Compass Point from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $38.00 price objective on the real estate investment trust’s stock. Compass Point’s target price suggests a potential upside of 2.48% from the stock’s previous close.

A number of other equities research analysts have also recently commented on SKT. Scotiabank increased their target price on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Barclays reissued a “positive” rating and set a $36.00 price target on shares of Tanger in a research report on Tuesday, January 13th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $35.00 price objective (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.29.

Tanger Stock Performance

Shares of SKT opened at $37.08 on Thursday. The company has a quick ratio of 0.51, a current ratio of 0.40 and a debt-to-equity ratio of 2.17. The stock has a market cap of $4.27 billion, a P/E ratio of 37.08, a P/E/G ratio of 1.65 and a beta of 1.18. The business’s 50 day moving average price is $33.91 and its 200-day moving average price is $33.56. Tanger has a 52 week low of $28.69 and a 52 week high of $37.95.

Hedge Funds Weigh In On Tanger

Several hedge funds and other institutional investors have recently modified their holdings of the company. Salomon & Ludwin LLC bought a new stake in shares of Tanger in the third quarter worth $26,000. EverSource Wealth Advisors LLC boosted its position in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 531 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Tanger during the 3rd quarter valued at about $33,000. City Holding Co. purchased a new stake in shares of Tanger during the 3rd quarter valued at about $34,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Tanger during the 4th quarter valued at about $34,000. 85.23% of the stock is owned by 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.