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

Shares of Tanger Inc. (NYSE:SKT) reached a new 52-week high during trading on Tuesday . The company traded as high as $34.20 and last traded at $34.20, with a volume of 117 shares traded. The stock had previously closed at $33.64.

Analyst Ratings Changes

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

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 2.53. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 37.37, a PEG ratio of 3.41 and a beta of 1.89. The stock’s 50-day simple moving average is $30.68 and its two-hundred day simple moving average is $28.66.

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 given a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.25%. Tanger’s dividend payout ratio (DPR) is presently 122.22%.

Institutional Investors Weigh In On Tanger

Several large investors have recently bought and sold shares of SKT. GAMMA Investing LLC lifted its position in shares of Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 393 shares in the last quarter. Maryland State Retirement & Pension System grew its position 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 valued at $1,146,000 after purchasing an additional 512 shares in the last quarter. EMC Capital Management increased its holdings in shares of 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 purchasing an additional 697 shares during the last quarter. American International Group Inc. lifted its position in Tanger by 1.5% during the first quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock worth $1,671,000 after buying an additional 813 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying 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.