Wellington Management Group LLP boosted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 34.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,748,467 shares of the real estate investment trust's stock after acquiring an additional 697,291 shares during the period. Wellington Management Group LLP owned about 2.44% of Tanger worth $93,805,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the stock. Rhumbline Advisers lifted its holdings in shares of Tanger by 2.6% in the 4th quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after purchasing an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Tanger by 4.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock worth $5,560,000 after buying an additional 7,647 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock valued at $68,161,000 after buying an additional 31,750 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Tanger in the fourth quarter valued at approximately $709,000. Finally, GAMMA Investing LLC grew its position in shares of Tanger by 24.9% during 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 last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.
Analyst Ratings Changes
SKT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target for the company. BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price for the company. Finally, The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and raised their price target for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.63.
Check Out Our Latest Report on Tanger
Insider Buying and Selling at Tanger
In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm's stock in a transaction 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 owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.80% of the stock is currently owned by corporate insiders.
Tanger Stock Performance
NYSE SKT traded up $0.77 on Tuesday, hitting $31.28. 243,389 shares of the company's stock were exchanged, compared to its average volume of 827,074. 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 $33.58 and its two-hundred day moving average price is $34.08. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 35.96, 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 issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.
Tanger Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.52%. Tanger's dividend payout ratio (DPR) is presently 126.44%.
Tanger Company Profile
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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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