Raymond James Financial Inc. Buys Shares of 145,675 Tanger Inc. (NYSE:SKT)

Raymond James Financial Inc. acquired a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 145,675 shares of the real estate investment trust's stock, valued at approximately $4,972,000. Raymond James Financial Inc. owned 0.13% of Tanger at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Greenland Capital Management LP increased its position in shares of Tanger by 147.9% during the fourth quarter. Greenland Capital Management LP now owns 42,142 shares of the real estate investment trust's stock worth $1,438,000 after acquiring an additional 25,142 shares during the period. Renaissance Technologies LLC increased its position in shares of Tanger by 5.7% during the fourth quarter. Renaissance Technologies LLC now owns 818,672 shares of the real estate investment trust's stock worth $27,941,000 after acquiring an additional 44,265 shares during the period. FIL Ltd increased its position in shares of Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock worth $98,000 after acquiring an additional 401 shares during the period. Invesco Ltd. increased its position in shares of Tanger by 9.5% during the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust's stock worth $30,562,000 after acquiring an additional 78,014 shares during the period. Finally, Employees Retirement System of Texas increased its position in shares of Tanger by 1.6% during the fourth quarter. Employees Retirement System of Texas now owns 127,000 shares of the real estate investment trust's stock worth $4,335,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Stock Performance

NYSE SKT traded up $0.20 during trading hours on Monday, hitting $32.29. The company had a trading volume of 774,920 shares, compared to its average volume of 768,896. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The company has a market cap of $3.66 billion, a PE ratio of 37.12, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. The business has a 50 day moving average of $32.89 and a 200-day moving average of $33.92.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate 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, equities research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This is an increase from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.62%. Tanger's dividend payout ratio is 134.48%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SKT shares. Scotiabank dropped their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and increased their target price for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price on the stock. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

Insider Transactions at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.70% of the company's stock.

About Tanger

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.