Tanger (NYSE:SKT) Reaches New 1-Year High Following Dividend Announcement

Key Points

• Tanger Inc. (NYSE:SKT) hit a new 52-week high after announcing a dividend, with shares trading as high as $41.57.
• The company declared a quarterly dividend of $0.3125 per share, payable on August 14 to shareholders of record on July 31, for an annualized yield of about 3.0%.
• Analysts remain mixed on the stock, with a consensus rating of Hold and an average price target of $39.70, even as Tanger’s recent results showed revenue growth but earnings that missed estimates.

Shares of Tanger Inc. (NYSE:SKT - Get Free Report) reached a new 52-week high during 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 traded. 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 issued a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, July 31st. Tanger's payout ratio is 116.82%.

Analyst Upgrades and Downgrades

SKT has been the subject of several analyst reports. UBS Group set a $41.00 target price on shares of Tanger in a research note on Thursday, June 18th. Evercore set a $39.00 target price on Tanger in a research report on Tuesday, July 7th. LADENBURG THALM/SH SH raised their price objective on Tanger from $40.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. Barclays raised their price objective on Tanger from $38.00 to $41.00 and gave the company an "equal weight" rating in a report on Tuesday, May 12th. Finally, Scotiabank upped their target price on Tanger from $37.00 to $41.00 and gave the stock a "sector perform" rating in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $39.70.

Tanger Stock Performance

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's 50-day moving average is $38.00 and its two-hundred day moving average is $35.94. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 38.76, a P/E/G ratio of 2.04 and a beta of 1.09.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.04). Tanger had a net margin of 20.76% and a return on equity of 17.53%. The company had revenue of $150.42 million during the quarter, compared to analysts' expectations of $142.94 million. During the same period in the prior year, the business posted $0.53 earnings per share. The company's quarterly revenue was up 11.1% compared to the same quarter last year. Tanger has set its FY 2026 guidance at 2.420-2.500 EPS. As a group, sell-side analysts expect that Tanger Inc. will post 2.48 earnings per share for the current year.

Institutional Investors Weigh In On Tanger

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its position in shares of Tanger by 43.2% during the first quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust's stock worth $33,000 after buying an additional 293 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Tanger by 5.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 5,877 shares of the real estate investment trust's stock valued at $199,000 after buying an additional 306 shares during the period. M&T Bank Corp raised its holdings in shares of Tanger by 3.3% in the 2nd quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust's stock valued at $314,000 after buying an additional 326 shares during the period. GAMMA Investing LLC lifted its stake in Tanger by 13.2% during the 4th quarter. GAMMA Investing LLC now owns 2,856 shares of the real estate investment trust's stock worth $95,000 after acquiring an additional 332 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in Tanger by 2.0% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 17,496 shares of the real estate investment trust's stock worth $592,000 after acquiring an additional 346 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

About Tanger

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.