Tanger (NYSE:SKT) Sets New 12-Month High After Dividend Announcement

Tanger Inc. (NYSE:SKT) shares reached a new 52-week high during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as $41.57 and last traded at $41.4850, with a volume of 414783 shares changing hands. The stock had previously closed at $40.26.

The newly announced dividend which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $0.3125 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.25 annualized dividend and a dividend yield of 3.0%. Tanger’s dividend payout ratio (DPR) is presently 116.82%.

Analysts Set New Price Targets

SKT has been the subject of a number of research reports. UBS Group set a $41.00 price objective on shares of Tanger in a report on Thursday, June 18th. Barclays increased their target price on shares of Tanger from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Scotiabank raised their price target on shares of Tanger from $37.00 to $41.00 and gave the company a “sector perform” rating in a research report on Thursday, June 18th. Evercore set a $39.00 price target on shares of Tanger in a research note on Tuesday, July 7th. Finally, Bank of America reaffirmed an “underperform” rating and set a $38.00 price objective on shares of Tanger in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $39.70.

Tanger Stock Up 3.2%

The firm has a market cap of $4.77 billion, a PE ratio of 38.76, a PEG ratio of 2.04 and a beta of 1.09. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 2.67. The firm has a 50 day moving average price of $38.00 and a 200-day moving average price of $35.94.

Tanger (NYSE:SKT) last issued its earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.04). The firm had revenue of $150.42 million during the quarter, compared to analyst estimates of $142.94 million. Tanger had a net margin of 20.76% and a return on equity of 17.53%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business earned $0.53 EPS. Tanger has set its FY 2026 guidance at 2.420-2.500 EPS. Research analysts forecast that Tanger Inc. will post 2.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Tanger

A number of hedge funds and other institutional investors have recently modified their holdings of SKT. Vanguard Group Inc. increased its holdings in Tanger by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after buying an additional 789,935 shares during the last quarter. State Street Corp lifted its holdings in Tanger by 3.4% during the 2nd quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after buying an additional 215,174 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Tanger by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,879,693 shares of the real estate investment trust’s stock worth $96,111,000 after acquiring an additional 27,201 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Tanger by 11.3% during the 4th quarter. Wellington Management Group LLP now owns 2,427,912 shares of the real estate investment trust’s stock worth $81,019,000 after acquiring an additional 245,639 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Tanger by 13.0% during the 3rd quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock worth $77,870,000 after acquiring an additional 264,408 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.