Y Intercept Hong Kong Ltd Acquires New Position in Tanger Inc. (NYSE:SKT)

Y Intercept Hong Kong Ltd acquired a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 20,786 shares of the real estate investment trust's stock, valued at approximately $709,000.

Several other institutional investors have also recently made changes to their positions in the company. Creative Planning grew its position in Tanger by 14.5% during the third quarter. Creative Planning now owns 9,637 shares of the real estate investment trust's stock valued at $320,000 after buying an additional 1,219 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Tanger by 3,218.0% during the 3rd quarter. International Assets Investment Management LLC now owns 14,931 shares of the real estate investment trust's stock worth $495,000 after acquiring an additional 14,481 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tanger by 35.3% during the 3rd 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 during the period. abrdn plc grew its position in shares of Tanger by 10.0% during the 3rd quarter. abrdn plc now owns 22,327 shares of the real estate investment trust's stock valued at $741,000 after acquiring an additional 2,026 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Tanger by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,297 shares of the real estate investment trust's stock valued at $624,000 after purchasing an additional 2,008 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

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Tanger Price Performance

SKT traded down $0.46 on Tuesday, hitting $35.17. 398,430 shares of the company's stock were exchanged, compared to its average volume of 728,265. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 40.40, a P/E/G ratio of 2.97 and a beta of 1.91. The firm has a 50-day moving average price of $33.87 and a 200-day moving average price of $33.64. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09.

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 (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million during the quarter, compared to analysts' expectations of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, equities analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. 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 3.13%. Tanger's payout ratio is 126.44%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price target on the stock. Citigroup increased their target price on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. 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 price target for the company. Evercore ISI upped their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. Finally, Bank of America upgraded shares of Tanger from a "neutral" rating to a "buy" rating and lifted their target price for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $36.00.

Tanger 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.