Atom Investors LP Makes New Investment in Tanger Inc. (NYSE:SKT)

Atom Investors LP bought a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,985 shares of the real estate investment trust's stock, valued at approximately $564,000.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. increased its position in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock worth $26,000 after buying an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Tanger in the second quarter valued at about $27,000. Whittier Trust Co. acquired a new stake in shares of Tanger in the second quarter valued at about $33,000. GAMMA Investing LLC grew its position in shares of Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 393 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its position in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 1,663 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Price Performance

SKT traded up $0.01 during midday trading on Wednesday, reaching $36.83. 623,501 shares of the company's stock were exchanged, compared to its average volume of 735,137. Tanger Inc. has a one year low of $25.67 and a one year high of $37.57. The business has a 50-day simple moving average of $34.72 and a two-hundred day simple moving average of $30.61. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 42.83, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. During the same quarter last year, the firm posted $0.50 EPS. The business's revenue was up 13.3% on a year-over-year basis. As a group, research analysts predict that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger's dividend payout ratio (DPR) is currently 127.91%.

Wall Street Analysts Forecast Growth

SKT has been the topic of several research analyst reports. Bank of America raised Tanger from a "neutral" rating to a "buy" rating and raised their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. 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. Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Compass Point increased their target price on shares of Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Finally, The Goldman Sachs Group increased their target price on shares of Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, November 15th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $34.86.

Insider Activity

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares of the company's stock, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.80% of the stock is currently owned by corporate insiders.

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.