Wells Fargo & Company MN Acquires 16,296 Shares of Tanger Inc. (NYSE:SKT)

Wells Fargo & Company MN increased its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 8.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 203,243 shares of the real estate investment trust's stock after acquiring an additional 16,296 shares during the quarter. Wells Fargo & Company MN owned about 0.18% of Tanger worth $6,937,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the 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 completion of the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is owned by insiders.

Tanger Stock Up 0.5 %

Shares of NYSE:SKT traded up $0.15 during midday trading on Thursday, hitting $32.01. 91,070 shares of the company's stock traded hands, compared to its average volume of 767,538. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm's fifty day moving average price is $33.04 and its two-hundred day moving average price is $33.94. 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 cap of $3.62 billion, a PE ratio of 36.80, a P/E/G ratio of 2.97 and a beta of 1.49.

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

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.66%. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is 134.48%.

Analyst Ratings Changes

A number of brokerages recently commented on SKT. BMO Capital Markets assumed coverage on Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Scotiabank decreased their price target on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and upped their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.00.

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.