Tanger (NYSE:SKT) Reaches New 1-Year High – Here’s What Happened

Tanger Inc. (NYSE:SKT) shares reached a new 52-week high on Monday . The company traded as high as $35.60 and last traded at $35.60, with a volume of 125 shares. The stock had previously closed at $34.70.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Bank of America boosted their price target on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Scotiabank boosted their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Compass Point increased their price target on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, Evercore ISI lifted their price objective on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.00.

Tanger Stock Performance

The stock’s 50-day moving average price is $31.38 and its 200 day moving average price is $28.85. 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 company has a market cap of $3.89 billion, a P/E ratio of 38.13, a price-to-earnings-growth ratio of 2.85 and a beta of 1.89.

Tanger Announces Dividend

The company 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 of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.09%. Tanger’s payout ratio is presently 120.88%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in shares of Tanger by 13.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock valued at $10,536,000 after purchasing an additional 38,036 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Tanger by 504.1% during the 3rd quarter. Blue Trust Inc. now owns 5,298 shares of the real estate investment trust’s stock worth $176,000 after purchasing an additional 4,421 shares during the last quarter. Creative Planning boosted its stake in Tanger by 14.5% during the 3rd quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock valued at $320,000 after purchasing an additional 1,219 shares during the period. Exchange Traded Concepts LLC bought a new position in Tanger in the 3rd quarter worth approximately $151,000. Finally, Perpetual Ltd bought a new position in Tanger in the 3rd quarter worth approximately $453,000. 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.