FMR LLC raised its position in Tanger Inc. (NYSE:SKT - Free Report) by 24.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 9,397,189 shares of the real estate investment trust's stock after acquiring an additional 1,873,835 shares during the period. FMR LLC owned approximately 8.49% of Tanger worth $320,726,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in shares of Tanger by 2.6% during the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after buying an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of 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 valued at $5,560,000 after purchasing an additional 7,647 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Tanger by 1.6% during 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 in the last quarter. Norges Bank purchased a new position in Tanger during the 4th quarter valued at about $22,239,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Tanger during the fourth quarter valued at approximately $709,000. Institutional investors and hedge funds own 85.23% of the company's stock.
Insider Transactions at Tanger
In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business'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 transaction, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.80% of the company's stock.
Analyst Ratings Changes
Several research firms recently issued reports on SKT. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.63.
Check Out Our Latest Analysis on SKT
Tanger Price Performance
Shares of NYSE SKT traded up $0.16 during trading hours on Tuesday, reaching $32.01. 430,703 shares of the stock traded hands, compared to its average volume of 763,104. The company's 50-day simple moving average is $33.29 and its two-hundred day simple moving average is $34.01. The company has a market capitalization of $3.62 billion, a P/E ratio of 36.78, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09.
Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping 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 firm had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Equities research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.
Tanger Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.65%. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is presently 134.48%.
Tanger Company Profile
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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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