Tanger (NYSE:SKT) Upgraded by The Goldman Sachs Group to Buy Rating

The Goldman Sachs Group upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research report released on Friday morning, Marketbeat.com reports. The brokerage currently has $40.00 target price on the real estate investment trust’s stock, up from their prior target price of $39.00.

Several other brokerages have also weighed in on SKT. BMO Capital Markets initiated coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Stock Performance

Shares of NYSE:SKT opened at $32.88 on Friday. The business has a fifty day moving average of $33.64 and a 200-day moving average of $34.00. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a market cap of $3.71 billion, a PE ratio of 37.79, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, equities research analysts predict that Tanger will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is presently 126.44%.

Insider Buying and Selling at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Tanger

A number of hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd lifted its holdings in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 733 shares during the last quarter. Loomis Sayles & Co. L P raised its position in Tanger by 3,393.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 1,663 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Tanger during the 4th quarter worth $68,000. Coppell Advisory Solutions LLC boosted its stake in shares of Tanger by 144.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 514 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Company Profile

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.