Renaissance Technologies LLC Purchases 44,265 Shares of Tanger Inc. (NYSE:SKT)

Renaissance Technologies LLC raised its position in Tanger Inc. (NYSE:SKT - Free Report) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 818,672 shares of the real estate investment trust's stock after purchasing an additional 44,265 shares during the quarter. Renaissance Technologies LLC owned approximately 0.74% of Tanger worth $27,941,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd increased its position in Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after buying an additional 733 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 514 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after acquiring an additional 2,249 shares in the last quarter. FIL Ltd raised its stake in shares of Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after acquiring an additional 401 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

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Tanger Stock Performance

NYSE:SKT traded up $0.20 during trading hours on Tuesday, hitting $32.05. 1,068,555 shares of the company traded hands, compared to its average volume of 766,401. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a 50-day moving average of $33.25 and a 200 day moving average of $33.99. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 36.83, a P/E/G ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating 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 analyst estimates of $129.10 million. On average, 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 dividend of $0.2925 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.65%. Tanger's payout ratio is currently 134.48%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on SKT. Deutsche Bank Aktiengesellschaft assumed 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. BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price on the stock. Finally, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their price target for the company from $39.00 to $40.00 in a report on Friday, March 28th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.63.

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.