Evercore ISI Cuts Tanger (NYSE:SKT) Price Target to $28.00

Tanger (NYSE:SKT) had its price target decreased by equities research analysts at Evercore ISI from $29.00 to $28.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective points to a potential upside of 1.08% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and upped their target price for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $28.83.

Tanger Stock Performance

Shares of NYSE:SKT traded down $0.65 on Wednesday, hitting $27.70. 221,051 shares of the company were exchanged, compared to its average volume of 761,740. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 30.00, a PEG ratio of 3.62 and a beta of 1.83. The company’s 50 day moving average price is $28.45 and its two-hundred day moving average price is $26.94. Tanger has a one year low of $18.34 and a one year high of $29.98. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.19 and a current ratio of 0.19.

Institutional Trading of Tanger

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB bought a new stake in Tanger in the 4th quarter valued at about $4,450,000. Asset Management One Co. Ltd. increased its position in Tanger by 33.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock valued at $6,040,000 after acquiring an additional 53,985 shares during the period. Federated Hermes Inc. boosted its stake in shares of Tanger by 2,457.1% in the 4th quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after purchasing an additional 135,952 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Tanger by 1,740.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock valued at $5,301,000 after purchasing an additional 180,853 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Tanger during the third quarter worth $746,000. Institutional investors own 85.23% of the company’s stock.

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.