Principal Financial Group Inc. Has $18.93 Million Stock Position in Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. decreased its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 4.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 570,648 shares of the real estate investment trust's stock after selling 25,592 shares during the quarter. Principal Financial Group Inc. owned approximately 0.52% of Tanger worth $18,934,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp boosted its stake in Tanger by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 18,297 shares of the real estate investment trust's stock worth $624,000 after purchasing an additional 2,008 shares during the period. abrdn plc grew its position in shares of Tanger by 10.0% in the third quarter. abrdn plc now owns 22,327 shares of the real estate investment trust's stock valued at $741,000 after purchasing an additional 2,026 shares during the last quarter. Vanderbilt University acquired a new stake in Tanger during the 3rd quarter valued at $490,000. Custom Index Systems LLC purchased a new position in Tanger during the third quarter worth $201,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Tanger by 35.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust's stock valued at $140,000 after acquiring an additional 1,107 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SKT. Bank of America raised shares of Tanger from a "neutral" rating to a "buy" rating and boosted their target price for the company from $35.00 to $40.00 in a research note on Monday. Scotiabank boosted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a research report on Monday, August 26th. Citigroup raised their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research report on Wednesday. The Goldman Sachs Group raised their target price on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Friday. Finally, Compass Point upped their price target on shares of Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Tanger has a consensus rating of "Moderate Buy" and a consensus price target of $34.86.

Tanger Stock Up 0.1 %

Shares of SKT traded up $0.03 during midday trading on Friday, reaching $35.76. 285,548 shares of the stock were exchanged, compared to its average volume of 737,000. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 41.49, a P/E/G ratio of 2.80 and a beta of 1.88. The firm has a 50 day simple moving average of $33.21 and a 200-day simple moving average of $29.70. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger Inc. has a 12-month low of $24.72 and a 12-month high of $36.46.

Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The company had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. Research analysts forecast that Tanger Inc. will post 2.1 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Thursday, October 31st. Tanger's dividend payout ratio (DPR) is 127.91%.

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.