Tanger (NYSE:SKT) Sets New 52-Week High Following Analyst Upgrade

Tanger Inc. (NYSE:SKTGet Free Report) hit a new 52-week high during trading on Thursday after Evercore ISI raised their price target on the stock from $31.00 to $33.00. Evercore ISI currently has an in-line rating on the stock. Tanger traded as high as $35.17 and last traded at $35.04, with a volume of 54378 shares trading hands. The stock had previously closed at $33.80.

Other research analysts have also recently issued research reports about the stock. Bank of America lifted their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Compass Point upped their price target on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Scotiabank increased their price target on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tanger presently has an average rating of “Moderate Buy” and a consensus target price of $32.67.

Read Our Latest Analysis on SKT

Hedge Funds Weigh In On Tanger

Institutional investors have recently bought and sold shares of the company. UniSuper Management Pty Ltd increased its stake in Tanger by 84.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after buying an additional 24,369 shares during the period. Hancock Whitney Corp raised its position in 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 in the last quarter. Texas Permanent School Fund Corp increased its stake in Tanger by 3.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock valued at $2,783,000 after purchasing an additional 3,272 shares in the last quarter. ClariVest Asset Management LLC boosted its position in shares of Tanger by 146.6% in the 1st quarter. ClariVest Asset Management LLC now owns 71,741 shares of the real estate investment trust’s stock worth $2,119,000 after buying an additional 42,651 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Tanger by 9.0% in the 1st quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock valued at $2,150,000 after acquiring an additional 6,016 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

The company’s 50 day simple moving average is $32.78 and its 200 day simple moving average is $29.49. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The stock has a market capitalization of $3.87 billion, a PE ratio of 39.37, a PEG ratio of 2.84 and a beta of 1.88.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.10%. Tanger’s payout ratio is currently 122.22%.

About Tanger

(Get Free Report)

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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