Tanger (NYSE:SKT) Sets New 1-Year High – What’s Next?

Tanger Inc. (NYSE:SKT)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $38.00 and last traded at $38.00, with a volume of 105 shares. The stock had previously closed at $36.30.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Evercore ISI raised their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Citigroup raised their target price on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, 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 research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Tanger presently has an average rating of “Moderate Buy” and an average target price of $34.86.

Tanger Price Performance

The company’s 50-day simple moving average is $34.97 and its 200-day simple moving average is $30.87. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 41.29, a P/E/G ratio of 2.84 and a beta of 1.90.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). The company had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. Research analysts forecast that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.275 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.10%. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SKT. Blue Trust Inc. increased its holdings in shares of 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 purchasing an additional 819 shares during the period. HHM Wealth Advisors LLC bought a new position in shares of Tanger during the second quarter worth approximately $27,000. Whittier Trust Co. bought a new position in Tanger in the second quarter valued at approximately $33,000. CWM LLC increased its stake in Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 1,398 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Tanger in the second quarter valued at approximately $49,000. 85.23% of the stock is owned by institutional investors.

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.