LADENBURG THALM/SH SH Begins Coverage on Tanger (NYSE:SKT)

Equities researchers at LADENBURG THALM/SH SH assumed coverage on shares of Tanger (NYSE:SKT - Get Free Report) in a report released on Friday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $35.00 price target on the real estate investment trust's stock. LADENBURG THALM/SH SH's price objective would suggest a potential upside of 9.51% from the company's previous close.

Several other research analysts have also recently weighed in on SKT. Scotiabank decreased their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Barclays initiated coverage on Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target for the company. Evercore ISI upgraded Tanger to a "hold" rating in a research note on Friday, May 2nd. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $36.40.

Tanger Trading Up 0.4%

Tanger stock traded up $0.14 during trading hours on Friday, reaching $31.96. The company had a trading volume of 38,032 shares, compared to its average volume of 839,808. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The company has a 50-day moving average price of $30.50 and a 200 day moving average price of $32.06. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 37.93, a P/E/G ratio of 2.10 and a beta of 1.17. Tanger has a 12-month low of $26.62 and a 12-month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting analysts' consensus estimates of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The firm had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same period last year, the company earned $0.52 EPS. The business's quarterly revenue was up 9.7% compared to the same quarter last year. Equities analysts forecast that Tanger will post 2.24 earnings per share for the current year.

Institutional Trading of Tanger

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock valued at $591,712,000 after purchasing an additional 193,141 shares during the period. FMR LLC raised its position in Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after purchasing an additional 1,873,835 shares during the period. Wellington Management Group LLP raised its position in Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock valued at $93,805,000 after purchasing an additional 697,291 shares during the period. Northern Trust Corp raised its position in Tanger by 1.2% during the first quarter. Northern Trust Corp now owns 1,839,022 shares of the real estate investment trust's stock valued at $62,141,000 after purchasing an additional 21,970 shares during the period. Finally, Millennium Management LLC raised its position in Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust's stock valued at $59,681,000 after purchasing an additional 8,590 shares during the period. Institutional investors own 85.23% of the company's stock.

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.

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