Tanger (NYSE:SKT) Reaches New 52-Week High – Time to Buy?

Tanger Inc. (NYSE:SKT) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.60 and last traded at $35.60, with a volume of 125 shares. The stock had previously closed at $34.70.

Analyst Upgrades and Downgrades

Several analysts recently commented on SKT shares. Scotiabank raised their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Bank of America raised their price target on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Compass Point upped their price objective on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Evercore ISI increased their target price on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Tanger Trading Up 2.6 %

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 stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 38.13, a price-to-earnings-growth ratio of 2.85 and a beta of 1.89. The business has a fifty day moving average of $31.38 and a 200-day moving average of $28.85.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Thursday, October 31st. Tanger’s payout ratio is 120.88%.

Institutional Investors Weigh In On Tanger

Several large investors have recently modified their holdings of SKT. Allspring Global Investments Holdings LLC boosted its position in shares of Tanger by 13.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock valued at $10,536,000 after purchasing an additional 38,036 shares during the period. Blue Trust Inc. grew its position in Tanger by 504.1% during the 3rd quarter. Blue Trust Inc. now owns 5,298 shares of the real estate investment trust’s stock worth $176,000 after purchasing an additional 4,421 shares in the last quarter. Creative Planning increased its holdings in shares of Tanger by 14.5% in the 3rd quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock valued at $320,000 after purchasing an additional 1,219 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Tanger in the third quarter worth approximately $151,000. Finally, Perpetual Ltd purchased a new position in Tanger during the third quarter valued at approximately $453,000. 85.23% of the stock is owned by 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.