Shares of Tanger Inc. (NYSE:SKT – Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $35.60 and last traded at $35.60, with a volume of 125 shares traded. The stock had previously closed at $34.70.
Wall Street Analysts Forecast Growth
Several analysts have commented on SKT shares. Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Compass Point raised their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Bank of America boosted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Finally, Evercore ISI upped their target price on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.00.
Read Our Latest Stock Analysis on Tanger
Tanger Stock Performance
Tanger Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.23%. Tanger’s dividend payout ratio (DPR) is presently 122.22%.
Institutional Trading of Tanger
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after acquiring an additional 608,547 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tanger by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after purchasing an additional 123,107 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Tanger by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after purchasing an additional 55,794 shares in the last quarter. Land & Buildings Investment Management LLC increased its position in Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after buying an additional 358,860 shares in the last quarter. Finally, Millennium Management LLC increased its position in Tanger by 8.2% during the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock valued at $20,798,000 after buying an additional 58,205 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other 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.
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