Tanger (NYSE:SKT) Reaches New 12-Month High at $33.24

Tanger Inc. (NYSE:SKT)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $33.24 and last traded at $33.16, with a volume of 109360 shares trading hands. The stock had previously closed at $33.00.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SKT shares. Scotiabank raised their price objective on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Evercore ISI lifted their price target on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, Compass Point upped their price objective on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.33.

Tanger Stock Down 0.9 %

The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 3.35 and a beta of 1.89. The business’s fifty day moving average price is $29.90 and its 200 day moving average price is $28.41. 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 announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.37%. Tanger’s payout ratio is 120.88%.

Institutional Trading of Tanger

A number of hedge funds have recently added to or reduced their stakes in SKT. UBS Group AG lifted its stake in shares of Tanger by 12.2% in the 4th quarter. UBS Group AG now owns 308,640 shares of the real estate investment trust’s stock worth $8,556,000 after acquiring an additional 33,620 shares during the period. Franklin Resources Inc. boosted its holdings in Tanger by 22.5% in the 4th quarter. Franklin Resources Inc. now owns 73,671 shares of the real estate investment trust’s stock valued at $2,042,000 after purchasing an additional 13,533 shares in the last quarter. Hsbc Holdings PLC increased its position in Tanger by 12.9% during the 4th quarter. Hsbc Holdings PLC now owns 87,283 shares of the real estate investment trust’s stock worth $2,426,000 after purchasing an additional 9,948 shares during the period. GRS Advisors LLC raised its stake in shares of Tanger by 136.7% during the 4th quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock worth $37,010,000 after buying an additional 771,066 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Tanger by 2.4% in the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after buying an additional 94,887 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

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.