Tanger (NYSE:SKT) Sets New 52-Week High – Still a Buy?

Tanger Inc. (NYSE:SKT)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $36.53 and last traded at $36.51, with a volume of 908243 shares traded. The stock had previously closed at $36.10.

Analyst Ratings Changes

Several research analysts recently commented on SKT shares. Citigroup lifted their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Scotiabank boosted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. The Goldman Sachs Group upped their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Stock Up 0.7 %

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 cap of $4.06 billion, a PE ratio of 42.74, a PEG ratio of 2.85 and a beta of 1.88. The company has a 50 day moving average price of $33.73 and a two-hundred day moving average price of $29.99.

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

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.00%. Tanger’s payout ratio is 127.91%.

Insider Buying and Selling

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tanger

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its holdings in shares of Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the period. HHM Wealth Advisors LLC bought a new stake in Tanger during the second quarter valued at about $27,000. Whittier Trust Co. purchased a new position in Tanger in the second quarter valued at about $33,000. GAMMA Investing LLC lifted its position in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,398 shares in the last quarter. 85.23% of the stock is 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.