ExodusPoint Capital Management LP Boosts Stock Position in Tanger Inc. (NYSE:SKT)

ExodusPoint Capital Management LP raised its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 57.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 113,349 shares of the real estate investment trust's stock after purchasing an additional 41,433 shares during the period. ExodusPoint Capital Management LP owned 0.10% of Tanger worth $3,869,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Mutual of America Capital Management LLC increased its position in Tanger by 1.9% during the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock valued at $572,000 after buying an additional 319 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in shares of Tanger by 0.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust's stock worth $1,272,000 after acquiring an additional 349 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in shares of Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after acquiring an additional 425 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock worth $1,121,000 after purchasing an additional 480 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after purchasing an additional 514 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

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Tanger Stock Performance

Shares of SKT stock traded down $0.04 during trading hours on Friday, reaching $30.91. The company had a trading volume of 782,177 shares, compared to its average volume of 760,862. The firm has a market cap of $3.50 billion, a PE ratio of 35.52, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. The business has a fifty day moving average price of $33.34 and a 200-day moving average price of $34.01. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results 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. The business 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%. Sell-side analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a $0.2925 dividend. This is an increase from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.79%. Tanger's dividend payout ratio is currently 134.48%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SKT shares. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price target on the stock. Finally, BMO Capital Markets initiated coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tanger has an average rating of "Moderate Buy" and a consensus target price of $36.63.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.80% of the company's stock.

Tanger Company 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.