Tanger Inc. (NYSE:SKT) Shares Acquired by Citigroup Inc.

Citigroup Inc. grew its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 32.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,559 shares of the real estate investment trust's stock after buying an additional 38,178 shares during the quarter. Citigroup Inc. owned 0.14% of Tanger worth $5,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Tanger by 2.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,197 shares of the real estate investment trust's stock worth $1,808,000 after purchasing an additional 1,752 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 393 shares in the last quarter. CWM LLC increased its stake in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust's stock worth $47,000 after purchasing an additional 1,398 shares in the last quarter. Blue Trust Inc. increased its stake in Tanger by 1,412.1% in the 2nd 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 in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Tanger by 0.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 181,338 shares of the real estate investment trust's stock worth $4,916,000 after buying an additional 1,485 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SKT shares. The Goldman Sachs Group increased their price target on Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th. Bank of America upgraded Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI increased their price target on shares of Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a report on Thursday, November 7th. Scotiabank increased their price target on shares of Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Monday, August 26th. Finally, Compass Point increased their price target on shares of Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.86.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.80% of the company's stock.

Tanger Trading Down 0.4 %

Shares of NYSE:SKT traded down $0.13 during trading on Tuesday, reaching $36.83. 372,075 shares of the company were exchanged, compared to its average volume of 735,617. The firm has a market capitalization of $4.08 billion, a PE ratio of 42.83, a P/E/G ratio of 2.89 and a beta of 1.90. The business's fifty day simple moving average is $34.55 and its 200-day simple moving average is $30.50. Tanger Inc. has a 12-month low of $25.67 and a 12-month high of $37.57. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million for the quarter, compared to analysts' expectations of $125.80 million. During the same period in the previous year, the business earned $0.50 earnings per share. The business's quarterly revenue was up 13.3% compared to the same quarter last year. On average, research analysts anticipate that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

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

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.