Tanger Inc. (NYSE:SKT) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. lifted its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 0.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,318,302 shares of the real estate investment trust's stock after buying an additional 20,423 shares during the period. Vanguard Group Inc. owned approximately 15.65% of Tanger worth $591,074,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after acquiring an additional 514 shares during the period. Smartleaf Asset Management LLC increased its holdings in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after buying an additional 2,249 shares during the last quarter. KBC Group NV raised its position in Tanger by 21.6% in the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after acquiring an additional 795 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after acquiring an additional 583 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Tanger during the 4th quarter valued at $200,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Tanger Stock Down 8.6 %

Shares of NYSE:SKT traded down $2.97 during trading on Thursday, hitting $31.68. The company's stock had a trading volume of 1,832,690 shares, compared to its average volume of 743,124. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The business has a 50 day moving average price of $33.71 and a two-hundred day moving average price of $34.08. 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 company has a market capitalization of $3.57 billion, a PE ratio of 36.41, a P/E/G ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping 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 business had revenue of $132.17 million during the quarter, compared to analysts' expectations of $129.10 million. As a group, research analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.47%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio (DPR) is presently 126.44%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research note on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target for the company. The Goldman Sachs Group raised shares of 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 report on Friday, March 28th. Finally, BMO Capital Markets initiated 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.63.

Insider Transactions 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 value of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.80% of the company's stock.

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.