Tanger (NYSE:SKT) Price Target Raised to $35.00 at Bank of America

Tanger (NYSE:SKT) had its price target lifted by analysts at Bank of America from $31.00 to $35.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Bank of America‘s price target would suggest a potential upside of 4.07% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Compass Point boosted their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Evercore ISI raised their target price on Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, Scotiabank lifted their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Tanger presently has an average rating of “Moderate Buy” and an average price target of $32.00.

Tanger Price Performance

SKT traded up $0.10 on Friday, hitting $33.63. 233,818 shares of the stock were exchanged, compared to its average volume of 743,456. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger has a 12 month low of $21.42 and a 12 month high of $34.13. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 37.39, a PEG ratio of 3.42 and a beta of 1.89. The business has a 50-day moving average of $30.56 and a two-hundred day moving average of $28.64.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. grew its stake in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 819 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Tanger in the 2nd quarter valued at about $27,000. Whittier Trust Co. bought a new position in shares of Tanger during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC boosted its stake in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 1,398 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.