Tanger (NYSE:SKT) Hits New 1-Year High After Analyst Upgrade

Tanger Inc. (NYSE:SKT)’s share price reached a new 52-week high during trading on Thursday after Compass Point raised their price target on the stock from $32.00 to $34.00. Compass Point currently has a buy rating on the stock. Tanger traded as high as $31.41 and last traded at $31.40, with a volume of 138890 shares traded. The stock had previously closed at $30.91.

Other research analysts also recently issued research reports about the company. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI upped their price objective on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger has a consensus rating of “Hold” and a consensus target price of $31.00.

Institutional Investors Weigh In On Tanger

Institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Tanger by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock worth $54,844,000 after purchasing an additional 110,297 shares during the period. GRS Advisors LLC grew its position in shares of Tanger by 136.7% in the 4th quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after buying an additional 771,066 shares during the last quarter. Norges Bank acquired a new stake in shares of Tanger in the fourth quarter valued at about $19,141,000. UniSuper Management Pty Ltd raised its position in shares of Tanger by 84.0% during the first quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after acquiring an additional 24,369 shares during the last quarter. Finally, Hancock Whitney Corp lifted its stake in shares of Tanger by 46.8% in the first quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after acquiring an additional 22,859 shares during the period. 85.23% of the stock is owned by institutional investors.

Tanger Stock Performance

The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 34.89, a price-to-earnings-growth ratio of 3.14 and a beta of 1.89. The stock has a 50 day moving average of $28.68 and a 200 day moving average of $28.14. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Wednesday, July 31st. Tanger’s dividend payout ratio is currently 120.88%.

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.