Tanger (NYSE:SKT) Hits New 1-Year High - Here's What Happened

Tanger Inc. (NYSE:SKT - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $34.20 and last traded at $34.20, with a volume of 117 shares. The stock had previously closed at $33.64.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SKT. Scotiabank lifted their price target 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 target price 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. Compass Point lifted their price objective on Tanger from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, September 11th. Finally, Bank of America upped their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Friday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Tanger Stock Up 1.2 %

The firm's 50-day moving average price is $30.81 and its 200-day moving average price is $28.69. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 37.92, a price-to-earnings-growth ratio of 3.41 and a beta of 1.89.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued 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 3.23%. Tanger's dividend payout ratio is currently 122.22%.

Institutional Investors Weigh In On Tanger

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted 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 worth $35,000 after buying an additional 393 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in shares of Tanger by 1.3% in the first quarter. Maryland State Retirement & Pension System now owns 38,802 shares of the real estate investment trust's stock worth $1,146,000 after buying an additional 512 shares during the last quarter. EMC Capital Management raised its holdings in Tanger by 5.1% in the first quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust's stock valued at $422,000 after acquiring an additional 697 shares in the last quarter. American International Group Inc. grew its holdings in Tanger by 1.5% during the 1st quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust's stock worth $1,671,000 after acquiring an additional 813 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Tanger by 1,412.1% in 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 during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

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.