Cannell & Spears LLC Has $9.44 Million Stake in Tanger Inc. (NYSE:SKT)

Cannell & Spears LLC grew its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 263.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,682 shares of the real estate investment trust's stock after buying an additional 200,475 shares during the quarter. Cannell & Spears LLC owned approximately 0.25% of Tanger worth $9,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of SKT. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 514 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after purchasing an additional 2,249 shares during the last quarter. KBC Group NV raised its position in shares of Tanger by 21.6% in 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 during the period. Exchange Traded Concepts LLC lifted its stake in shares of Tanger by 12.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after buying an additional 583 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Tanger during the 4th quarter worth $200,000. 85.23% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

SKT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 target price on the stock. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, BMO Capital Markets initiated coverage on Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Four 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, the company has a consensus rating of "Moderate Buy" and a consensus price target of $36.63.

Insider Transactions at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through the SEC website. 5.80% of the stock is owned by insiders.

Tanger Stock Performance

Shares of NYSE SKT traded down $2.97 during mid-day trading on Thursday, hitting $31.68. The company had a trading volume of 1,829,160 shares, compared to its average volume of 743,124. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The firm has a market cap of $3.57 billion, a P/E ratio of 36.41, a PEG ratio of 2.97 and a beta of 1.88. The business's 50-day simple moving average is $33.71 and its 200-day simple moving average is $34.08. 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 announced its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. As a group, analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Friday, January 31st. Tanger's dividend payout ratio is 126.44%.

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.