Allspring Global Investments Holdings LLC boosted its position in Tanger Inc. (NYSE:SKT - Free Report) by 13.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 317,549 shares of the real estate investment trust's stock after buying an additional 38,036 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.29% of Tanger worth $10,536,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of SKT. Blue Trust Inc. increased its holdings in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 819 shares during the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Tanger in the 2nd quarter worth about $27,000. Whittier Trust Co. acquired a new position in shares of Tanger in the 2nd quarter valued at about $33,000. GAMMA Investing LLC grew its position in shares of Tanger by 44.6% during 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 raised its stake in Tanger by 418.6% during the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust's stock worth $47,000 after acquiring an additional 1,398 shares during the period. Institutional investors and hedge funds own 85.23% of the company's stock.
Tanger Stock Performance
Shares of NYSE:SKT traded down $0.73 on Friday, hitting $33.69. The company's stock had a trading volume of 551,783 shares, compared to its average volume of 733,419. Tanger Inc. has a 12 month low of $21.42 and a 12 month high of $34.81. The stock's 50-day moving average is $32.01 and its two-hundred day moving average is $29.08. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89.
Tanger Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. Tanger's dividend payout ratio (DPR) is 120.88%.
Analyst Ratings Changes
Several equities analysts have recently commented on the company. Evercore ISI upped their target price on Tanger from $29.00 to $31.00 and gave the company an "in-line" rating in a report on Monday, September 16th. Bank of America upped their price objective on Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, October 11th. Scotiabank raised their target price on Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a research note on Monday, August 26th. Finally, Compass Point upped their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.33.
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About Tanger
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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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