Harvest Investment Services LLC Purchases New Shares in Tanger Inc. (NYSE:SKT)

Harvest Investment Services LLC purchased a new stake in Tanger Inc. (NYSE:SKT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,773 shares of the real estate investment trust's stock, valued at approximately $641,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hsbc Holdings PLC increased its holdings in Tanger by 9.8% during the 4th quarter. Hsbc Holdings PLC now owns 111,354 shares of the real estate investment trust's stock valued at $3,798,000 after acquiring an additional 9,902 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Tanger by 4.2% during the 4th quarter. MetLife Investment Management LLC now owns 67,451 shares of the real estate investment trust's stock worth $2,302,000 after purchasing an additional 2,720 shares in the last quarter. First Trust Advisors LP raised its position in shares of Tanger by 36.6% during the 4th quarter. First Trust Advisors LP now owns 95,224 shares of the real estate investment trust's stock worth $3,250,000 after purchasing an additional 25,533 shares during the last quarter. Cramer Rosenthal Mcglynn LLC purchased a new stake in Tanger in the 4th quarter valued at approximately $3,024,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Tanger by 4.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 282,277 shares of the real estate investment trust's stock valued at $9,625,000 after buying an additional 12,725 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SKT shares. BMO Capital Markets started coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price for the company. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price target for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Scotiabank decreased their price objective on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Tanger has a consensus rating of "Moderate Buy" and an average price target of $37.00.

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 stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is owned by insiders.

Tanger Trading Up 0.6 %

Shares of SKT stock traded up $0.19 on Friday, reaching $32.08. 553,767 shares of the stock were exchanged, compared to its average volume of 767,958. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The stock has a market cap of $3.63 billion, a P/E ratio of 36.87, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. The firm has a 50 day moving average of $32.94 and a two-hundred day moving average of $33.92. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. On average, research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.65%. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. Tanger's payout ratio is 134.48%.

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.