Tanger (NYSE:SKT) Hits New 1-Year High at $32.28

Tanger Inc. (NYSE:SKT)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $32.28 and last traded at $32.28, with a volume of 49377 shares traded. The stock had previously closed at $31.91.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Evercore ISI increased their price target on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank lifted their price target 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, Compass Point boosted their price target on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Tanger presently has an average rating of “Hold” and an average price target of $31.33.

Tanger Stock Performance

The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The stock has a fifty day moving average of $29.28 and a 200-day moving average of $28.23. The stock has a market cap of $3.51 billion, a PE ratio of 35.07, a price-to-earnings-growth ratio of 3.23 and a beta of 1.89.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.43%. Tanger’s dividend payout ratio is currently 120.88%.

Hedge Funds Weigh In On Tanger

A number of institutional investors have recently added to or reduced their stakes in SKT. GRS Advisors LLC lifted its stake in Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after purchasing an additional 771,066 shares during the last quarter. Norges Bank bought a new position in Tanger during the 4th quarter valued at about $19,141,000. Vanguard Group Inc. increased its position in 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 valued at $515,498,000 after acquiring an additional 608,547 shares in the last quarter. Land & Buildings Investment Management LLC grew its position in shares of Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares during the period. Finally, BROOKFIELD Corp ON bought a new position in Tanger during the 1st quarter worth approximately $10,441,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

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.