Tanger (NYSE:SKT) Stock Price Expected to Rise, Scotiabank Analyst Says

Tanger (NYSE:SKT) had its price target hoisted by equities research analysts at Scotiabank from $34.00 to $36.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target would indicate a potential upside of 5.96% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Barclays raised their price target on shares of Tanger from $36.00 to $38.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. Compass Point downgraded Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price on the stock. in a research note on Thursday, February 26th. Bank of America reissued a “neutral” rating and issued a $39.00 target price on shares of Tanger in a report on Friday, March 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $37.13.

Tanger Stock Down 0.2%

NYSE:SKT opened at $33.98 on Tuesday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.40 and a current ratio of 0.40. The firm has a market cap of $3.89 billion, a P/E ratio of 33.98, a P/E/G ratio of 1.63 and a beta of 1.16. Tanger has a fifty-two week low of $28.69 and a fifty-two week high of $37.95. The firm has a 50-day simple moving average of $34.53 and a two-hundred day simple moving average of $33.84.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKT. Truist Financial Corp raised its stake in Tanger by 736.7% during the 3rd quarter. Truist Financial Corp now owns 61,533 shares of the real estate investment trust’s stock valued at $2,082,000 after buying an additional 54,179 shares during the last quarter. Oliver Luxxe Assets LLC purchased a new position in shares of Tanger in the 3rd quarter worth $1,867,000. JPMorgan Chase & Co. boosted its stake in shares of Tanger by 10.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 777,637 shares of the real estate investment trust’s stock worth $23,780,000 after buying an additional 76,330 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Tanger by 1,459.4% in the third quarter. American Century Companies Inc. now owns 787,880 shares of the real estate investment trust’s stock worth $26,662,000 after acquiring an additional 737,354 shares during the period. Finally, Elo Mutual Pension Insurance Co grew its holdings in shares of Tanger by 131.6% in the third quarter. Elo Mutual Pension Insurance Co now owns 35,714 shares of the real estate investment trust’s stock worth $1,209,000 after acquiring an additional 20,292 shares during the period. Institutional investors own 85.23% of the company’s stock.

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.