Bank of America Reiterates Neutral Rating for Tanger (NYSE:SKT)

Tanger (NYSE:SKT)‘s stock had its “neutral” rating reissued by equities research analysts at Bank of America in a research note issued to investors on Friday, MarketBeat.com reports. They presently have a $39.00 target price on the real estate investment trust’s stock. Bank of America‘s price objective would indicate a potential upside of 8.21% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Citigroup reissued a “neutral” rating and set a $35.00 price objective (down from $38.00) on shares of Tanger in a report on Wednesday, November 19th. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Scotiabank boosted their price target on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 14th. Barclays raised their price objective on Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. Finally, Compass Point cut Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price on the stock. in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.88.

Tanger Price Performance

Shares of SKT opened at $36.04 on Friday. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 1.57 and a beta of 1.16. The firm’s fifty day simple moving average is $34.18 and its 200-day simple moving average is $33.72. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17. Tanger has a twelve month low of $28.69 and a twelve month high of $37.95.

Institutional Investors Weigh In On Tanger

A number of institutional investors and hedge funds have recently modified their holdings of SKT. Royal Bank of Canada increased its holdings in Tanger by 2.8% during the 1st quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock valued at $4,905,000 after acquiring an additional 3,995 shares in the last quarter. AQR Capital Management LLC grew its holdings in Tanger by 17.8% during the 1st quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust’s stock valued at $1,291,000 after buying an additional 5,765 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Tanger by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust’s stock worth $2,171,000 after buying an additional 3,631 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Tanger in the first quarter worth $233,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Tanger by 436.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock worth $27,073,000 after acquiring an additional 651,961 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Company Profile

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.