Tanger (NYSE:SKT) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Tanger Inc. (NYSE:SKT) saw an uptick in trading volume on Thursday . 2,050,329 shares changed hands during mid-day trading, an increase of 113% from the previous session’s volume of 962,412 shares.The stock last traded at $35.0330 and had previously closed at $33.92.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a report on Thursday, November 20th. Citigroup restated a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Evercore ISI boosted their price objective on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. Finally, Barclays upped their price objective on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

Tanger Stock Down 0.9%

The firm has a market capitalization of $3.93 billion, a P/E ratio of 36.27, a PEG ratio of 1.62 and a beta of 1.06. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a 50 day moving average of $33.60 and a 200-day moving average of $32.93.

Tanger (NYSE:SKT) last posted its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The firm had revenue of $145.21 million for the quarter, compared to the consensus estimate of $139.30 million. Tanger had a return on equity of 15.75% and a net margin of 19.15%.The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 earnings per share. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were issued a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, October 31st. Tanger’s payout ratio is currently 124.47%.

Institutional Investors Weigh In On Tanger

A number of hedge funds have recently made changes to their positions in the business. State Street Corp lifted its stake in Tanger by 3.4% in the second quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust’s stock worth $202,924,000 after purchasing an additional 215,174 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Tanger by 2.4% during the second quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust’s stock valued at $86,892,000 after acquiring an additional 65,599 shares during the last quarter. Invesco Ltd. raised its stake in shares of Tanger by 13.0% during the third quarter. Invesco Ltd. now owns 2,301,124 shares of the real estate investment trust’s stock valued at $77,870,000 after acquiring an additional 264,408 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Tanger by 18.0% during the third quarter. Wellington Management Group LLP now owns 2,182,273 shares of the real estate investment trust’s stock worth $73,848,000 after purchasing an additional 332,387 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Tanger by 1.6% in the third quarter. Northern Trust Corp now owns 1,972,814 shares of the real estate investment trust’s stock worth $66,760,000 after purchasing an additional 30,508 shares during the last quarter. 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.