Resona Asset Management Co. Ltd. bought a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 44,124 shares of the real estate investment trust's stock, valued at approximately $1,502,000.
Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 514 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after purchasing an additional 2,249 shares in the last quarter. KBC Group NV increased its stake in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock valued at $153,000 after purchasing an additional 795 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after purchasing an additional 583 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in Tanger during the fourth quarter worth $200,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.
Tanger Trading Up 1.0 %
Shares of Tanger stock traded up $0.31 during mid-day trading on Tuesday, hitting $32.16. 67,178 shares of the stock were exchanged, compared to its average volume of 761,495. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 36.90, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The company has a 50-day simple moving average of $33.29 and a 200 day simple moving average of $34.01.
Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The firm had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.
Tanger Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.64%. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is presently 134.48%.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on SKT shares. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and raised their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target on the stock. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.63.
View Our Latest Stock Analysis on SKT
Insider Buying and Selling at Tanger
In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.80% of the stock is owned by company insiders.
Tanger Company Profile
(
Free Report)
Tanger Inc NYSE: SKT is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.
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