Tanger (NYSE:SKT) Reaches New 1-Year High After Analyst Upgrade

Shares of Tanger Inc. (NYSE:SKT) reached a new 52-week high during mid-day 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. The stock had previously closed at $33.80.

SKT has been the topic of several other research reports. Scotiabank lifted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Compass Point lifted their price target on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Bank of America lifted 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.67.

Hedge Funds Weigh In On Tanger

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its holdings in shares of 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 worth $2,150,000 after buying an additional 6,016 shares during the period. Daiwa Securities Group Inc. increased its position in Tanger by 9.3% during the 1st quarter. Daiwa Securities Group Inc. now owns 34,895 shares of the real estate investment trust’s stock valued at $1,030,000 after purchasing an additional 2,981 shares during the period. Texas Permanent School Fund Corp raised its holdings in shares of 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 stake in shares of Tanger by 146.6% during the first quarter. ClariVest Asset Management LLC now owns 71,741 shares of the real estate investment trust’s stock valued at $2,119,000 after purchasing an additional 42,651 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its holdings in Tanger by 2.0% during the first quarter. Illinois Municipal Retirement Fund now owns 58,721 shares of the real estate investment trust’s stock valued at $1,734,000 after buying an additional 1,144 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Up 3.7 %

The business’s 50 day moving average is $32.68 and its 200 day moving average is $29.45. 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 $3.83 billion, a P/E ratio of 37.53, a P/E/G ratio of 2.84 and a beta of 1.88.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders 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 annualized dividend and a yield of 3.14%. Tanger’s dividend payout ratio (DPR) is presently 122.22%.

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.