abrdn plc Purchases 13,165 Shares of Tanger Inc. (NYSE:SKT)

abrdn plc boosted its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 59.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,492 shares of the real estate investment trust's stock after buying an additional 13,165 shares during the period. abrdn plc's holdings in Tanger were worth $1,203,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. DAVENPORT & Co LLC boosted its stake in Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after buying an additional 425 shares during the period. EMC Capital Management raised its position in Tanger by 8,550.9% during the fourth quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust's stock valued at $487,000 after purchasing an additional 14,109 shares in the last quarter. Ibex Wealth Advisors purchased a new stake in Tanger during the fourth quarter valued at about $733,000. KBC Group NV raised its position in Tanger by 21.6% during the fourth 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. Finally, Exchange Traded Concepts LLC raised 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 purchasing an additional 583 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a research report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price target on the stock. Evercore ISI raised their price target on Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a research report on Thursday, November 7th. BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target on the stock. Citigroup raised their price target on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price target on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $36.00.

Tanger Trading Down 0.8 %

Shares of SKT traded down $0.28 during trading hours on Friday, hitting $34.23. The company had a trading volume of 748,581 shares, compared to its average volume of 683,439. The firm has a market cap of $3.79 billion, a P/E ratio of 39.80, a P/E/G ratio of 2.82 and a beta of 1.91. The stock's 50 day moving average price is $33.83 and its 200 day moving average price is $32.99. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.21%. Tanger's dividend payout ratio is presently 127.91%.

About Tanger

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.