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

Tanger Inc. (NYSE:SKT) 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.

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

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.