Tanger (NYSE:SKT) Share Price Passes Above Two Hundred Day Moving Average of $27.79

Tanger Inc. (NYSE:SKT) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $27.79 and traded as high as $28.36. Tanger shares last traded at $28.29, with a volume of 360,053 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on SKT. Scotiabank upgraded shares of Tanger from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the company from $20.00 to $28.00 in a research report on Friday, May 17th. Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $31.00 to $32.00 in a report on Thursday, May 2nd. Finally, Evercore ISI reduced their price objective on Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $30.17.

Tanger Stock Performance

The stock has a market capitalization of $3.09 billion, a PE ratio of 31.09, a PEG ratio of 2.80 and a beta of 1.90. The business’s 50 day moving average is $27.44 and its 200 day moving average is $27.79. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date was Wednesday, July 31st. Tanger’s payout ratio is currently 120.88%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SKT. Charles Schwab Investment Management Inc. boosted its position in Tanger by 5.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock valued at $54,844,000 after buying an additional 110,297 shares during the period. Federated Hermes Inc. raised its stake in shares of Tanger by 2,457.1% during the fourth quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after acquiring an additional 135,952 shares in the last quarter. GRS Advisors LLC boosted its holdings in shares of Tanger by 136.7% in 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 period. Norges Bank bought a new position in Tanger in the fourth quarter worth approximately $19,141,000. Finally, UniSuper Management Pty Ltd increased its holdings in Tanger by 84.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after purchasing an additional 24,369 shares during the period. 85.23% of the stock is currently owned by institutional investors.

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.