APG Asset Management US Inc. Takes Position in Tanger Inc. (NYSE:SKT)

APG Asset Management US Inc. bought a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 613,981 shares of the real estate investment trust's stock, valued at approximately $20,955,000. APG Asset Management US Inc. owned 0.55% of Tanger at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC boosted its holdings in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after acquiring an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP boosted its stake in Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after purchasing an additional 697,291 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock valued at $68,161,000 after purchasing an additional 31,750 shares in the last quarter. Invesco Ltd. lifted its position in Tanger by 9.5% in the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust's stock worth $30,562,000 after buying an additional 78,014 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Tanger by 5.7% in the fourth quarter. Renaissance Technologies LLC now owns 818,672 shares of the real estate investment trust's stock valued at $27,941,000 after purchasing an additional 44,265 shares during the period. Hedge funds and other institutional investors own 85.23% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SKT shares. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target on the stock. Finally, BMO Capital Markets started coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.63.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.80% of the stock is owned by corporate insiders.

Tanger Price Performance

Tanger stock traded up $0.53 during mid-day trading on Monday, reaching $31.49. The company had a trading volume of 313,484 shares, compared to its average volume of 759,729. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The company has a market capitalization of $3.56 billion, a P/E ratio of 36.20, a P/E/G ratio of 2.97 and a beta of 1.49. The stock's 50-day simple moving average is $33.34 and its 200-day simple moving average is $34.02. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13.

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

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This is an increase from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's dividend payout ratio is presently 134.48%.

Tanger 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.