Scotiabank Issues Positive Forecast for Tanger (NYSE:SKT) Stock Price

Tanger (NYSE:SKT) had its price target boosted by Scotiabank from $34.00 to $36.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential upside of 4.71% from the company’s previous close.

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

Tanger Stock Up 0.5%

NYSE:SKT traded up $0.18 during trading hours on Tuesday, reaching $34.38. The company’s stock had a trading volume of 132,144 shares, compared to its average volume of 1,054,793. The company has a market capitalization of $3.94 billion, a P/E ratio of 34.38, a price-to-earnings-growth ratio of 1.63 and a beta of 1.15. Tanger has a 12 month low of $28.69 and a 12 month high of $37.95. 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 stock has a 50 day moving average price of $34.51 and a two-hundred day moving average price of $33.85.

Institutional Trading of Tanger

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Tanger by 4.6% during the 4th 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 in the last quarter. State Street Corp boosted its holdings in Tanger by 3.4% in the second quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after acquiring an additional 215,174 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Tanger by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 2,879,693 shares of the real estate investment trust’s stock worth $96,111,000 after acquiring an additional 27,201 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Tanger by 11.3% during the fourth quarter. Wellington Management Group LLP now owns 2,427,912 shares of the real estate investment trust’s stock valued at $81,019,000 after acquiring an additional 245,639 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Tanger by 13.0% during the third quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock valued at $77,870,000 after acquiring an additional 264,408 shares in the last quarter. Institutional investors and hedge funds 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.