Cibc World Markets Corp Purchases Shares of 9,964 Tanger Inc. (NYSE:SKT)

Cibc World Markets Corp purchased 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 Securities and Exchange Commission. The firm purchased 9,964 shares of the real estate investment trust's stock, valued at approximately $340,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Mutual of America Capital Management LLC boosted its stake in Tanger by 1.9% in the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock worth $572,000 after purchasing an additional 319 shares during the period. DAVENPORT & Co LLC lifted its position in Tanger by 1.4% in the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock worth $1,074,000 after buying an additional 425 shares during the last quarter. GAMMA Investing LLC boosted its stake in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after buying an additional 514 shares during the period. Exchange Traded Concepts LLC increased its position 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 valued at $175,000 after acquiring an additional 583 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Tanger by 1.1% in the fourth quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the real estate investment trust's stock valued at $1,826,000 after acquiring an additional 600 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SKT. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective on the stock. BMO Capital Markets assumed coverage on Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $36.00.

Tanger Stock Up 0.5 %

Shares of Tanger stock traded up $0.16 during trading on Thursday, hitting $33.05. 39,775 shares of the stock traded hands, compared to its average volume of 680,769. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The stock's fifty day simple moving average is $33.64 and its 200 day simple moving average is $34.00. The firm has a market cap of $3.72 billion, a P/E ratio of 38.12, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company 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%. On average, equities analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Friday, January 31st. Tanger's payout ratio is currently 126.44%.

Insider Buying and Selling at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.80% of the stock is owned by 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.