Fmr LLC Acquires 1,832,261 Shares of Tanger Inc. (NYSE:SKT)

FMR LLC boosted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 32.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,523,354 shares of the real estate investment trust's stock after purchasing an additional 1,832,261 shares during the quarter. FMR LLC owned approximately 6.80% of Tanger worth $249,625,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SKT. Natixis Advisors LLC increased its holdings in shares of Tanger by 55.3% in the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust's stock worth $2,393,000 after acquiring an additional 25,683 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Tanger by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust's stock valued at $65,210,000 after buying an additional 21,793 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Tanger by 13.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust's stock worth $10,536,000 after buying an additional 38,036 shares during the period. Bailard Inc. grew its holdings in Tanger by 64.4% in the 2nd quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust's stock worth $664,000 after buying an additional 9,600 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Tanger by 42.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust's stock valued at $9,993,000 after acquiring an additional 109,388 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SKT. Evercore ISI boosted their price target on Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their target price on shares of Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, November 15th. Citigroup upped their price target on shares of Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Compass Point boosted their target price on Tanger from $34.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Finally, Bank of America raised Tanger from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $34.86.

Tanger Trading Down 0.7 %

Shares of NYSE:SKT traded down $0.27 during mid-day trading on Monday, hitting $36.70. The stock had a trading volume of 256,637 shares, compared to its average volume of 735,231. The company's 50 day moving average is $34.46 and its 200-day moving average is $30.44. The company has a market cap of $4.06 billion, a PE ratio of 41.07, a P/E/G ratio of 2.89 and a beta of 1.88. 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 quick ratio of 0.13 and a current ratio of 0.13.

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

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.00%. The ex-dividend date was Thursday, October 31st. Tanger's payout ratio is presently 127.91%.

Insider Buying and Selling at Tanger

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

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.