In a remarkable display of resilience and growth, Tanger Factory (NYSE:SKT) Outlet Centers Inc. (SKT) stock has soared to a 52-week high, reaching a price level of $36.46. This milestone underscores a period of significant bullish momentum for the company, reflecting investor confidence and a robust business model. Over the past year, Tanger Factory has witnessed an impressive 43.84% change in its stock value, a testament to the company's strategic initiatives and its ability to adapt to the dynamic retail environment. The achievement of this 52-week high marks a pivotal moment for the company as it continues to navigate the competitive landscape of the retail sector.
In other recent news, Tanger Factory Outlet Centers has been making significant strides in its operations. The company's recent third quarter results revealed an 8% year-over-year increase in its core Funds From Operations (FFO), with a per-share value of $0.54. Furthermore, Tanger Inc. raised its full-year core FFO guidance to a range of $2.09-$2.13 per share, projecting a growth of 7% to 9%.
The company's leasing strategy has been successful, with a 97.4% occupancy rate reached and 543 leases executed. This strategy, coupled with a robust pipeline of retail store openings planned through 2026, has reinforced the belief in Tanger Factory Outlet Centers' ability to meet its objectives.
In addition to these developments, BofA Securities upgraded Tanger Factory Outlet Centers' stock from Neutral to Buy, citing strong leasing performance and raising the price target to $40 from $35. This decision was influenced by the company's future FFO estimates for 2025 and 2026, as well as the company's leasing achievements throughout the year.
Furthermore, Tanger Inc. has maintained a strong balance sheet with low leverage, and a net debt to adjusted EBITDA ratio of 5 times. The company also reported a 5.8% increase in the quarterly dividend. These recent developments showcase Tanger Inc.'s growth and strategic positioning.
InvestingPro Insights
Tanger Factory Outlet Centers Inc.'s (SKT) recent achievement of a 52-week high is further supported by InvestingPro data, which reveals a strong financial performance. The company's revenue growth of 13.36% over the last twelve months as of Q3 2024 aligns with its stock's upward trajectory. Additionally, SKT boasts a robust gross profit margin of 74.24%, indicating efficient cost management and strong pricing power in its outlet center operations.
InvestingPro Tips highlight that SKT has maintained dividend payments for an impressive 32 consecutive years, demonstrating a commitment to shareholder returns that likely contributes to investor confidence. The company's dividend yield stands at 3.05%, offering a steady income stream for investors. Moreover, SKT's liquid assets exceeding short-term obligations suggest a solid financial foundation, supporting its ability to weather market fluctuations and potentially fund future growth initiatives.
It's worth noting that SKT is trading near its 52-week high, with a price at 99.81% of this benchmark. This aligns with the article's mention of the stock reaching $36.46. Investors considering SKT should be aware that InvestingPro offers 13 additional tips, providing a more comprehensive analysis of the company's financial health and market position.
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