New York State Teachers Retirement System decreased its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,624 shares of the real estate investment trust's stock after selling 10,184 shares during the period. New York State Teachers Retirement System owned 0.15% of Tanger worth $5,584,000 as of its most recent SEC filing.
Several other institutional investors 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 third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust's stock valued at $2,393,000 after purchasing an additional 25,683 shares during the period. Charles Schwab Investment Management Inc. boosted its position in 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 worth $65,210,000 after purchasing an additional 21,793 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in 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 purchasing an additional 38,036 shares in the last quarter. Fisher Asset Management LLC boosted its position in Tanger by 5.2% during the third quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust's stock worth $16,691,000 after purchasing an additional 25,014 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after purchasing an additional 514 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have commented on SKT. BMO Capital Markets began coverage on Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective on the stock. Compass Point upped their price objective on Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Evercore ISI upped their price objective 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, Citigroup upped their price objective on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Tanger currently has an average rating of "Hold" and a consensus price target of $36.00.
Check Out Our Latest Stock Report on Tanger
Tanger Trading Down 0.2 %
Tanger stock traded down $0.06 during trading on Friday, hitting $35.88. The company's stock had a trading volume of 899,064 shares, compared to its average volume of 706,155. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 41.24, a P/E/G ratio of 2.87 and a beta of 1.91. The stock's fifty day moving average is $33.77 and its 200 day moving average is $33.23. Tanger Inc. has a 1-year low of $25.94 and a 1-year 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, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.82% and a net margin of 18.65%. As a group, equities research analysts predict that Tanger Inc. will post 2.23 EPS for the current year.
Tanger Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.07%. Tanger's dividend payout ratio is presently 126.44%.
About Tanger
(
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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