Tanger (NYSE:SKT) Hits New 1-Year High – Should You Buy?

Tanger Inc. (NYSE:SKT)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $37.20 and last traded at $37.20, with a volume of 8759 shares trading hands. The stock had previously closed at $36.87.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SKT. Scotiabank raised their target price on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI boosted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Compass Point boosted their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group boosted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Tanger has a consensus rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Price Performance

The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $4.14 billion, a PE ratio of 42.87, a PEG ratio of 2.87 and a beta of 1.88. The company has a 50-day moving average of $34.13 and a 200 day moving average of $30.25.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. Sell-side analysts predict that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s payout ratio is currently 127.91%.

Insider Buying and Selling at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tanger

Large investors have recently modified their holdings of the business. Hancock Whitney Corp lifted its stake in shares of Tanger by 46.8% in the 1st quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock valued at $2,116,000 after purchasing an additional 22,859 shares during the last quarter. Natixis Advisors LLC lifted its stake in Tanger by 55.3% during the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after acquiring an additional 25,683 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Tanger by 13.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after acquiring an additional 38,036 shares in the last quarter. Bailard Inc. lifted its stake in Tanger by 64.4% during the 2nd quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust’s stock worth $664,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Tanger by 42.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock worth $9,993,000 after acquiring an additional 109,388 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

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.