JPMorgan Chase & Co. raised its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 46.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 650,060 shares of the real estate investment trust's stock after purchasing an additional 205,159 shares during the quarter. JPMorgan Chase & Co. owned about 0.59% of Tanger worth $22,187,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Barclays PLC grew its stake in shares of Tanger by 174.7% in the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock valued at $7,973,000 after purchasing an additional 152,796 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Tanger in the 4th quarter valued at $4,972,000. Thrivent Financial for Lutherans grew its position in Tanger by 33.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 557,168 shares of the real estate investment trust's stock valued at $19,016,000 after buying an additional 138,456 shares during the last quarter. Edgestream Partners L.P. acquired a new position in Tanger in the 4th quarter valued at $3,339,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Tanger by 74.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 206,704 shares of the real estate investment trust's stock worth $7,055,000 after buying an additional 88,106 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.
Tanger Stock Up 0.6 %
Shares of SKT stock traded up $0.18 during mid-day trading on Tuesday, reaching $32.03. 46,005 shares of the company were exchanged, compared to its average volume of 865,857. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The business's 50 day simple moving average is $33.29 and its 200 day simple moving average is $34.01. The company has a market capitalization of $3.63 billion, a P/E ratio of 36.82, a P/E/G 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.
Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.
Tanger Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio is currently 134.48%.
Insider Buying and Selling at Tanger
In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.80% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on SKT shares. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective on the stock. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Tanger currently has an average rating of "Moderate Buy" and an average target price of $36.63.
Read Our Latest Stock Analysis on SKT
About Tanger
(
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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