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Tanger Factory Outlets (SKT)

Tanger Factory Outlets (SKT) is an attractive, differentiated retail property REIT trading at a reasonable valuation and – perhaps most importantly – the shares have been range-bound over the past four months and no stock-specific catalyst is foreseen. Our covered call trade – which involves buying the shares and writing $21.00 November 17, 2023 calls – would result in a 2.04% gain if the shares trade at (or above) $21.00 on the options expiration. The breakeven for the trade occurs if SKT trades down to $20.54 – a full $2.06 per unit (9.12%) below the current price. We believe equities will trade higher over the next month due to the increasing perception that the Fed has engineered a ‘soft landing’ while GDP growth and consumer sentiment continues to surprise to the upside.

Nathan Weiss & Keith Schaefer
Co-Founders, In The Money options trading service
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