New Age Alpha Advisors LLC bought a new stake in Tanger Inc. (NYSE:SKT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 48,205 shares of the real estate investment trust's stock, valued at approximately $1,645,000.
Other hedge funds also recently modified their holdings of the company. FMR LLC grew its stake in shares of Tanger by 32.2% during the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust's stock worth $249,625,000 after purchasing an additional 1,832,261 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 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 buying an additional 31,750 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tanger by 387.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust's stock worth $25,728,000 after buying an additional 616,417 shares during the period. Norges Bank acquired a new position in shares of Tanger during the 4th quarter worth about $22,239,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Tanger by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock valued at $22,187,000 after acquiring an additional 205,159 shares during the last quarter. Institutional investors own 85.23% of the company's stock.
Tanger Stock Down 8.7 %
Shares of NYSE:SKT traded down $3.01 during midday trading on Thursday, reaching $31.64. 974,284 shares of the company were exchanged, compared to its average volume of 792,734. The firm has a market cap of $3.57 billion, a PE ratio of 36.37, a P/E/G ratio of 2.97 and a beta of 1.88. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The stock has a fifty day simple moving average of $33.71 and a two-hundred day simple moving average of $34.08. 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 issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. As a group, sell-side analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.
Tanger Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.48%. Tanger's dividend payout ratio (DPR) is presently 126.44%.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on SKT shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a "hold" rating and a $37.00 price objective on the stock. BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target on the stock. Finally, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their price objective for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.63.
View Our Latest Research Report on SKT
Insider Transactions at Tanger
In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.80% of the stock is currently owned by insiders.
Tanger Company 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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