Tanger (NYSE:SKT) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Tanger Inc. (NYSE:SKT) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.05 and traded as high as $37.19. Tanger shares last traded at $37.12, with a volume of 610,400 shares traded.

Analysts Set New Price Targets

Several research firms recently commented on SKT. Scotiabank lifted their price objective on Tanger from $34.00 to $36.00 and gave the stock a “sector perform” rating in a report on Tuesday, March 24th. Bank of America reiterated a “neutral” rating and issued a $39.00 price objective on shares of Tanger in a report on Friday, March 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Monday. Barclays lifted their price objective on Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. Finally, Compass Point downgraded Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $36.71.

Tanger Price Performance

The firm has a fifty day moving average of $35.52 and a 200 day moving average of $34.08. The company has a market capitalization of $4.19 billion, a P/E ratio of 36.59, a P/E/G ratio of 1.76 and a beta of 1.20. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be paid a dividend of $0.3125 per share. The ex-dividend date is Thursday, April 30th. This represents a $1.25 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Tanger’s previous quarterly dividend of $0.29. Tanger’s dividend payout ratio is presently 117.00%.

Institutional Investors Weigh In On Tanger

A number of large investors have recently made changes to their positions in SKT. Freestone Grove Partners LP grew its stake in shares of Tanger by 6,634.5% during the 4th quarter. Freestone Grove Partners LP now owns 1,184,674 shares of the real estate investment trust’s stock valued at $39,533,000 after purchasing an additional 1,167,083 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in shares of Tanger by 2,190.0% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock valued at $28,181,000 after purchasing an additional 796,411 shares during the period. Vanguard Group Inc. grew its stake in shares of Tanger by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock valued at $598,979,000 after purchasing an additional 789,935 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Tanger during the 4th quarter valued at about $25,364,000. Finally, American Century Companies Inc. grew its stake in shares of Tanger by 1,459.4% during the 3rd quarter. American Century Companies Inc. now owns 787,880 shares of the real estate investment trust’s stock valued at $26,662,000 after purchasing an additional 737,354 shares during the period. 85.23% of the stock is currently owned by institutional investors.

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.