Intech Investment Management LLC Has $1.32 Million Position in Tanger Inc. (NYSE:SKT)

Intech Investment Management LLC increased its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 61.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,810 shares of the real estate investment trust's stock after purchasing an additional 15,197 shares during the period. Intech Investment Management LLC's holdings in Tanger were worth $1,321,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SKT. Blue Trust Inc. increased its holdings in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 819 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Tanger during the second quarter worth about $27,000. Whittier Trust Co. bought a new position in shares of Tanger during the second quarter worth about $33,000. GAMMA Investing LLC raised its position in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 393 shares during the last quarter. Finally, CWM LLC lifted its stake in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust's stock valued at $47,000 after acquiring an additional 1,398 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Performance

Shares of SKT stock opened at $36.87 on Wednesday. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 42.87, a PEG ratio of 2.87 and a beta of 1.88. 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 Inc. has a 52 week low of $24.72 and a 52 week high of $37.01. The company has a 50-day simple moving average of $34.02 and a 200 day simple moving average of $30.19.

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

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger's dividend payout ratio (DPR) is 127.91%.

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company's stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.80% of the company's stock.

Analyst Ratings Changes

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

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.