Tanger Factory Outlet Centers (NYSE:SKT) Hits New 1-Year High at $24.48

Posted by Defense World Staff on Aug 6th, 2023

Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $24.48 and last traded at $24.48, with a volume of 130003 shares trading hands. The stock had previously closed at $23.61.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SKT shares. StockNews.com started coverage on Tanger Factory Outlet Centers in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Evercore ISI upped their price objective on Tanger Factory Outlet Centers from $20.00 to $22.00 in a report on Wednesday, May 31st. Finally, 888 reaffirmed a “maintains” rating on shares of Tanger Factory Outlet Centers in a report on Wednesday, May 31st.

Tanger Factory Outlet Centers Price Performance

The stock has a fifty day moving average of $22.20 and a two-hundred day moving average of $20.07. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 29.22, a price-to-earnings-growth ratio of 6.36 and a beta of 1.82. The company has a quick ratio of 2.97, a current ratio of 2.97 and a debt-to-equity ratio of 2.82.

Tanger Factory Outlet Centers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be issued a $0.245 dividend. This represents a $0.98 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Friday, July 28th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 118.07%.

Insider Buying and Selling at Tanger Factory Outlet Centers

In other Tanger Factory Outlet Centers news, insider Steven B. Tanger sold 220,064 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $21.67, for a total value of $4,768,786.88. Following the sale, the insider now owns 1,281,919 shares of the company’s stock, valued at $27,779,184.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tanger Factory Outlet Centers news, insider Steven B. Tanger sold 220,064 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $21.67, for a total value of $4,768,786.88. Following the sale, the insider now owns 1,281,919 shares of the company’s stock, valued at $27,779,184.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan E. Skerritt sold 3,310 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $21.04, for a total value of $69,642.40. Following the completion of the sale, the director now owns 52,621 shares in the company, valued at $1,107,145.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 228,374 shares of company stock valued at $4,938,179. Insiders own 2.20% of the company’s stock.

Institutional Trading of Tanger Factory Outlet Centers

Several institutional investors and hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP lifted its position in Tanger Factory Outlet Centers by 72.5% during the fourth quarter. First Trust Advisors LP now owns 94,489 shares of the real estate investment trust’s stock worth $1,695,000 after buying an additional 39,721 shares during the period. AE Wealth Management LLC lifted its position in Tanger Factory Outlet Centers by 5.4% during the first quarter. AE Wealth Management LLC now owns 16,132 shares of the real estate investment trust’s stock worth $317,000 after buying an additional 828 shares during the period. New York State Teachers Retirement System lifted its position in Tanger Factory Outlet Centers by 5.3% during the first quarter. New York State Teachers Retirement System now owns 175,243 shares of the real estate investment trust’s stock worth $3,440,000 after buying an additional 8,771 shares during the period. O Shaughnessy Asset Management LLC lifted its position in Tanger Factory Outlet Centers by 17.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 129,386 shares of the real estate investment trust’s stock worth $2,321,000 after buying an additional 19,378 shares during the period. Finally, Belpointe Asset Management LLC purchased a new position in Tanger Factory Outlet Centers during the fourth quarter worth about $53,000. 81.30% of the stock is currently owned by hedge funds and other institutional investors.

About Tanger Factory Outlet Centers

(Get Free Report)

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns (or has an ownership interest in) and/or manages a portfolio of 36 centers with an additional center currently under development. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 13.9 million square feet, leased to over 2,700 stores operated by more than 600 different brand name companies.