Cramer Rosenthal Mcglynn LLC Makes New Investment in Tanger Inc. (NYSE:SKT)

Cramer Rosenthal Mcglynn LLC acquired a new stake in Tanger Inc. (NYSE:SKT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 88,617 shares of the real estate investment trust's stock, valued at approximately $3,024,000. Cramer Rosenthal Mcglynn LLC owned about 0.08% of Tanger as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Stifel Financial Corp raised its holdings in shares of Tanger by 48.5% in the third quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust's stock worth $2,236,000 after buying an additional 22,002 shares during the last quarter. Barclays PLC raised its stake in Tanger by 174.7% in the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock worth $7,973,000 after acquiring an additional 152,796 shares during the last quarter. Franklin Resources Inc. raised its stake in Tanger by 2.3% in the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust's stock worth $3,205,000 after acquiring an additional 2,169 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Tanger by 2.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust's stock worth $14,762,000 after acquiring an additional 9,701 shares during the period. Finally, GAMMA Investing LLC grew its stake in Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after purchasing an additional 514 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Price Performance

Shares of Tanger stock traded up $0.37 during trading hours on Wednesday, reaching $32.06. The stock had a trading volume of 275,256 shares, compared to its average volume of 764,627. 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 firm has a market capitalization of $3.63 billion, a PE ratio of 36.85, a PEG ratio of 2.97 and a beta of 1.49. The stock's 50 day moving average is $33.08 and its 200 day moving average is $33.96.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million during the quarter, compared to analysts' expectations of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Equities analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is presently 134.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SKT shares. BMO Capital Markets initiated coverage on Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Scotiabank dropped their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Tanger has an average rating of "Moderate Buy" and a consensus price target of $37.00.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.70% of the stock is currently owned by company insiders.

Tanger Company Profile

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.