Invesco Ltd. lifted its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 9.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 895,466 shares of the real estate investment trust's stock after buying an additional 78,014 shares during the period. Invesco Ltd. owned about 0.81% of Tanger worth $30,562,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. FMR LLC lifted its stake in Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after acquiring an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock valued at $93,805,000 after purchasing an additional 697,291 shares during the last quarter. Norges Bank bought a new stake in shares of Tanger in the fourth quarter worth $22,239,000. JPMorgan Chase & Co. boosted its holdings in Tanger by 46.1% during the fourth quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock worth $22,187,000 after purchasing an additional 205,159 shares during the last quarter. Finally, Cannell & Spears LLC grew its position in Tanger by 263.1% in the fourth quarter. Cannell & Spears LLC now owns 276,682 shares of the real estate investment trust's stock valued at $9,443,000 after purchasing an additional 200,475 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the 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 directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.70% of the company's stock.
Tanger Stock Performance
Shares of Tanger stock traded up $0.97 during trading on Wednesday, hitting $32.66. 119,201 shares of the stock were exchanged, compared to its average volume of 860,284. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The company has a fifty day moving average price of $33.08 and a 200-day moving average price of $33.96. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 37.54, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. As a group, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal 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 issued a dividend of $0.2925 per share. This is an increase from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.58%. Tanger's dividend payout ratio (DPR) is currently 134.48%.
Analysts Set New Price Targets
SKT has been the topic of several analyst reports. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. BMO Capital Markets initiated coverage on Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Tanger presently has an average rating of "Moderate Buy" and a consensus target price of $36.63.
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Tanger Profile
(
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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