Tanger (NYSE:SKT) Reaches New 12-Month High Following Analyst Upgrade

Tanger Inc. (NYSE:SKT - Get Free Report) reached a new 52-week high during 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 traded. The stock had previously closed at $33.80.

Several other equities analysts have also issued reports on SKT. Compass Point upped their price target on Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Scotiabank boosted their price objective on Tanger from $28.00 to $30.00 and gave the stock a "sector perform" rating in a report on Monday, August 26th. Finally, Bank of America raised their target price on shares of Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.67.

Institutional Trading of Tanger

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Tanger by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust's stock valued at $515,498,000 after purchasing an additional 608,547 shares during the period. Land & Buildings Investment Management LLC lifted its holdings in shares of Tanger by 52.4% in the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust's stock valued at $28,284,000 after purchasing an additional 358,860 shares in the last quarter. BROOKFIELD Corp ON acquired a new position in shares of Tanger during the first quarter worth about $10,441,000. Burney Co. acquired a new position in shares of Tanger during the first quarter worth about $7,158,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Tanger during the second quarter worth about $4,539,000. 85.23% of the stock is owned by institutional investors.

Tanger Stock Performance

The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 2.84 and a beta of 1.88. The stock has a 50-day moving average of $32.68 and a 200-day moving average of $29.45. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.10%. 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.