Tanger Inc. (NYSE:SKT) Sees Significant Drop in Short Interest

Tanger Inc. (NYSE:SKT - Get Free Report) was the recipient of a large decline in short interest during the month of February. As of February 15th, there was short interest totalling 4,030,000 shares, a decline of 16.2% from the January 31st total of 4,810,000 shares. Based on an average trading volume of 714,300 shares, the days-to-cover ratio is currently 5.6 days.

Institutional Trading of Tanger

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Employees Retirement System of Texas grew its position in shares of Tanger by 1.6% in the 4th quarter. Employees Retirement System of Texas now owns 127,000 shares of the real estate investment trust's stock worth $4,335,000 after buying an additional 2,000 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Tanger in the 4th quarter worth about $68,000. Public Employees Retirement System of Ohio grew its position in shares of Tanger by 0.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock worth $5,386,000 after buying an additional 554 shares during the period. Vise Technologies Inc. purchased a new stake in shares of Tanger in the 4th quarter worth about $271,000. Finally, Squarepoint Ops LLC grew its position in shares of Tanger by 414.8% in the 4th quarter. Squarepoint Ops LLC now owns 42,001 shares of the real estate investment trust's stock worth $1,433,000 after buying an additional 33,842 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Down 1.5 %

Tanger stock traded down $0.50 during mid-day trading on Friday, reaching $33.63. 643,465 shares of the company traded hands, compared to its average volume of 743,867. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm's 50 day moving average price is $33.90 and its 200 day moving average price is $33.78. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 38.66, a P/E/G ratio of 2.97 and a beta of 1.88. Tanger has a 52-week low of $25.94 and a 52-week high of $37.57.

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Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, analysts anticipate that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio is presently 126.44%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SKT shares. BMO Capital Markets started coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Citigroup upped their price target on shares of Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price target for the company. Bank of America upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their price target for the company from $35.00 to $40.00 in a report on Monday, November 11th. Finally, The Goldman Sachs Group upped their price target on shares of Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, November 15th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $36.00.

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.