Principal Financial Group Inc. Raises Holdings in Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. lifted its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 5.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 601,266 shares of the real estate investment trust's stock after purchasing an additional 30,618 shares during the quarter. Principal Financial Group Inc. owned about 0.54% of Tanger worth $20,521,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in Tanger by 32.2% in the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust's stock valued at $249,625,000 after buying an additional 1,832,261 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tanger by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust's stock valued at $65,210,000 after purchasing an additional 21,793 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Tanger by 387.7% in 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 purchasing an additional 616,417 shares in the last quarter. Fisher Asset Management LLC grew its position in Tanger by 5.2% during the 3rd 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 during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Tanger by 2.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust's stock valued at $14,762,000 after purchasing an additional 9,701 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Tanger Stock Performance

Shares of NYSE SKT traded up $0.36 during midday trading on Friday, reaching $35.45. 1,186,869 shares of the stock were exchanged, compared to its average volume of 731,246. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 40.75, a PEG ratio of 2.97 and a beta of 1.91. The firm has a 50-day simple moving average of $33.82 and a two-hundred day simple moving average of $33.45. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data 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 net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. As a group, analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Friday, January 31st. Tanger's payout ratio is currently 126.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SKT shares. Bank of America upgraded shares of Tanger from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. The Goldman Sachs Group boosted their price target on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, November 15th. Citigroup increased their price objective on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a "hold" rating and a $37.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Tanger presently has an average rating of "Hold" and a consensus target price of $36.00.

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.