Russell Investments Group Ltd. Has $524,000 Stock Holdings in Tanger Inc. (NYSE:SKT)

Russell Investments Group Ltd. lessened its stake in Tanger Inc. (NYSE:SKT - Free Report) by 62.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,365 shares of the real estate investment trust's stock after selling 25,974 shares during the period. Russell Investments Group Ltd.'s holdings in Tanger were worth $524,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SKT. Wellington Management Group LLP raised its stake in shares of Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after buying an additional 697,291 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Tanger by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock worth $68,161,000 after acquiring an additional 31,750 shares during the period. Norges Bank bought a new stake in Tanger in the fourth quarter worth about $22,239,000. JPMorgan Chase & Co. lifted its holdings in Tanger by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock valued at $22,187,000 after acquiring an additional 205,159 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Tanger by 5.4% during the 4th quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust's stock valued at $20,521,000 after purchasing an additional 30,618 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Analyst Ratings Changes

SKT has been the topic of a number of research reports. Scotiabank dropped their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and increased their price objective for the company from $39.00 to $40.00 in a research 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 issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Tanger Stock Up 0.6 %

NYSE:SKT traded up $0.19 during trading hours on Friday, hitting $32.08. 553,767 shares of the stock traded hands, compared to its average volume of 768,872. The firm has a 50 day moving average price of $32.94 and a 200 day moving average price of $33.93. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 2.97 and a beta of 1.49. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. 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 (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. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Equities research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is currently 134.48%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction 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 sale, the chief operating officer now owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.70% of the stock is currently owned by insiders.

Tanger Company 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.