Norges Bank Buys Shares of 651,611 Tanger Inc. (NYSE:SKT)

Norges Bank bought a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 651,611 shares of the real estate investment trust's stock, valued at approximately $22,239,000. Norges Bank owned approximately 0.59% of Tanger as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Mutual of America Capital Management LLC increased its holdings in shares of Tanger by 1.9% during the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock valued at $572,000 after acquiring an additional 319 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in Tanger by 0.9% during the 4th quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust's stock valued at $1,272,000 after purchasing an additional 349 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock worth $1,074,000 after buying an additional 425 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 514 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in shares of Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after acquiring an additional 583 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several brokerages recently weighed in on SKT. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target on the stock. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and upped their price target for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets began coverage on Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price objective on the stock. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Tanger presently has an average rating of "Moderate Buy" and a consensus price target of $36.63.

Tanger Stock Performance

SKT stock traded down $0.04 during midday trading on Friday, hitting $30.91. The company's stock had a trading volume of 782,177 shares, compared to its average volume of 760,862. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 35.52, a PEG ratio of 2.97 and a beta of 1.49. The stock's 50-day moving average price is $33.34 and its 200 day moving average price is $34.01. 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 posted its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, equities analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be given a $0.2925 dividend. This is a positive change from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is 134.48%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value 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 trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.80% of the stock is owned by corporate insiders.

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.