Tanger (NYSE:SKT) Hits New 12-Month High – Here’s Why

Shares of Tanger Inc. (NYSE:SKT) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $37.20 and last traded at $37.20, with a volume of 8759 shares changing hands. The stock had previously closed at $36.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SKT shares. Compass Point increased their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Scotiabank increased 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. Evercore ISI increased their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. Finally, Citigroup increased their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Tanger has a consensus rating of “Moderate Buy” and a consensus target price of $34.86.

Tanger Trading Up 1.4 %

The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market capitalization of $4.14 billion, a PE ratio of 42.87, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. The business’s 50-day moving average price is $34.13 and its 200-day moving average price is $30.25.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same quarter last year, the business posted $0.50 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. As a group, analysts expect that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.94%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is presently 127.91%.

Insider Buying and Selling at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. increased its position in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Tanger in the 2nd quarter valued at about $27,000. Whittier Trust Co. purchased a new stake in Tanger in the 2nd quarter valued at about $33,000. GAMMA Investing LLC grew its holdings in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares during the period. Finally, Loomis Sayles & Co. L P grew its holdings in Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Company Profile

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.