Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 38.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,061 shares of the real estate investment trust's stock after acquiring an additional 16,203 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.05% of Tanger worth $1,982,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Natixis Advisors LLC grew its stake in Tanger by 55.3% in the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust's stock valued at $2,393,000 after purchasing an additional 25,683 shares during the last quarter. Rhumbline Advisers boosted its stake in Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after acquiring an additional 10,283 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in Tanger by 4.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock worth $5,560,000 after purchasing an additional 7,647 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust's stock worth $65,210,000 after purchasing an additional 21,793 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Tanger during the 4th quarter valued at $709,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on SKT shares. BMO Capital Markets started coverage on Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $36.00.
Read Our Latest Report on Tanger
Tanger Stock Performance
NYSE SKT traded up $0.16 on Thursday, hitting $33.05. 41,585 shares of the company's stock traded hands, compared to its average volume of 768,653. The firm has a market capitalization of $3.72 billion, a PE ratio of 37.98, a P/E/G ratio of 2.97 and a beta of 1.88. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The firm's 50-day moving average price is $33.64 and its two-hundred day moving average price is $34.00. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09.
Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, analysts expect that Tanger Inc. will post 2.24 EPS for the current year.
Tanger Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.33%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio is currently 126.44%.
Insiders Place Their Bets
In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.80% of the company's stock.
About Tanger
(
Free Report)
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.
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