Deutsche Bank Aktiengesellschaft Initiates Coverage on Tanger (NYSE:SKT)

Equities research analysts at Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger (NYSE:SKT) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set a “hold” rating and a $37.00 price target on the real estate investment trust’s stock. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential upside of 7.00% from the company’s previous close.

Several other equities analysts have also commented on the stock. Scotiabank increased their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $35.00 to $40.00 in a report on Monday, November 11th. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Compass Point raised their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $36.00.

Tanger Trading Down 2.3 %

Shares of SKT stock opened at $34.58 on Tuesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of 40.21, a price-to-earnings-growth ratio of 2.78 and a beta of 1.90. Tanger has a 12-month low of $25.67 and a 12-month high of $37.57. The stock’s 50-day moving average price is $35.21 and its 200-day moving average price is $31.16.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 EPS. Equities research analysts predict that Tanger will post 2.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tanger

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in shares of Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 819 shares during the period. HHM Wealth Advisors LLC purchased a new position in Tanger during the 2nd quarter worth $27,000. Whittier Trust Co. bought a new stake in Tanger during the 2nd quarter valued at $33,000. CWM LLC lifted its holdings in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Tanger during the 2nd quarter worth $49,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.