Tanger (NYSE:SKT) Reaches New 12-Month High After Analyst Upgrade

Tanger Inc. (NYSE:SKT) shares hit a new 52-week high 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.

A number of other equities analysts have also commented on SKT. Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Scotiabank lifted their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Bank of America upped their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.67.

Institutional Trading of Tanger

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Tanger by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after acquiring an additional 608,547 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Tanger by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after purchasing an additional 123,107 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Tanger by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after purchasing an additional 55,794 shares in the last quarter. Land & Buildings Investment Management LLC lifted its position in shares of Tanger by 52.4% during the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after buying an additional 358,860 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Tanger by 8.2% in the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock valued at $20,798,000 after buying an additional 58,205 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 4.8 %

The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $3.87 billion, a P/E ratio of 39.37, a PEG ratio of 2.84 and a beta of 1.88. The business’s fifty day moving average price is $32.78 and its two-hundred day moving average price is $29.49.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.10%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend 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.