Edgestream Partners L.P. Purchases New Position in Tanger Inc. (NYSE:SKT)

Edgestream Partners L.P. purchased a new stake in shares of Tanger Inc. (NYSE:SKT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 97,821 shares of the real estate investment trust's stock, valued at approximately $3,339,000. Edgestream Partners L.P. owned approximately 0.09% of Tanger at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SKT. FMR LLC raised its holdings in shares of Tanger by 32.2% in the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust's stock valued at $249,625,000 after buying an additional 1,832,261 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 worth $68,161,000 after acquiring an additional 31,750 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Tanger by 387.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust's stock worth $25,728,000 after purchasing an additional 616,417 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Tanger by 5.4% during the fourth quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust's stock valued at $20,521,000 after purchasing an additional 30,618 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Tanger by 1.6% in the fourth quarter. Fisher Asset Management LLC now owns 511,051 shares of the real estate investment trust's stock valued at $17,442,000 after purchasing an additional 7,998 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

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Tanger Stock Down 0.7 %

Shares of SKT traded down $0.22 during midday trading on Wednesday, hitting $32.65. The stock had a trading volume of 873,372 shares, compared to its average volume of 756,095. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 37.52, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The company has a 50 day simple moving average of $33.85 and a two-hundred day simple moving average of $33.87. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. 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, beating analysts' consensus estimates of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. On average, analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Friday, January 31st. Tanger's payout ratio is presently 126.44%.

Insider Activity at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on SKT. Citigroup increased their price objective on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their price objective on Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Friday, November 15th. BMO Capital Markets initiated coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a "hold" rating and a $37.00 target price on the stock. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Tanger presently has an average rating of "Hold" and a consensus target price of $36.00.

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.