Tanger (NYSE:SKT) Raised to "Neutral" at Bank of America

Tanger (NYSE:SKT - Get Free Report) was upgraded by stock analysts at Bank of America from an "underperform" rating to a "neutral" rating in a research report issued to clients and investors on Friday, Marketbeat reports. The firm currently has a $31.00 price objective on the real estate investment trust's stock, up from their prior price objective of $24.00. Bank of America's target price would suggest a potential upside of 12.18% from the stock's current price.

A number of other brokerages have also recently issued reports on SKT. JPMorgan Chase & Co. upgraded Tanger from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $27.00 to $29.00 in a research note on Monday, December 18th. Citigroup upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Finally, Evercore ISI boosted their price objective on Tanger from $28.00 to $29.00 and gave the company an "in-line" rating in a research note on Wednesday, February 28th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $29.00.

Tanger Stock Performance

Shares of NYSE SKT traded up $0.17 during mid-day trading on Friday, reaching $27.64. 704,827 shares of the company's stock were exchanged, compared to its average volume of 782,796. Tanger has a 52 week low of $18.00 and a 52 week high of $29.98. The firm has a 50-day moving average price of $28.30 and a two-hundred day moving average price of $26.30. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 30.04, a price-to-earnings-growth ratio of 4.09 and a beta of 1.83. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKT. FMR LLC grew its holdings in Tanger by 16,418.2% during the 1st quarter. FMR LLC now owns 2,249,283 shares of the real estate investment trust's stock valued at $44,153,000 after buying an additional 2,235,666 shares in the last quarter. Land & Buildings Investment Management LLC purchased a new position in shares of Tanger during the second quarter worth about $25,620,000. Norges Bank purchased a new position in shares of Tanger during the fourth quarter worth about $16,663,000. Wellington Management Group LLP grew its holdings in shares of Tanger by 29.9% during the third quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust's stock worth $89,350,000 after purchasing an additional 909,622 shares in the last quarter. Finally, GRS Advisors LLC grew its holdings in shares of Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust's stock worth $37,010,000 after purchasing an additional 771,066 shares in the last quarter. Hedge funds and other 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.