Zurcher Kantonalbank Zurich Cantonalbank Buys 27,583 Shares of Tanger Inc. (NYSE:SKT)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 60.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,916 shares of the real estate investment trust's stock after buying an additional 27,583 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Tanger worth $2,489,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Amundi lifted its holdings in shares of Tanger by 48.2% during the fourth quarter. Amundi now owns 115,067 shares of the real estate investment trust's stock valued at $3,796,000 after purchasing an additional 37,400 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Tanger during the fourth quarter valued at approximately $3,339,000. Inceptionr LLC lifted its holdings in shares of Tanger by 128.8% during the fourth quarter. Inceptionr LLC now owns 18,807 shares of the real estate investment trust's stock valued at $642,000 after purchasing an additional 10,586 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Tanger during the fourth quarter valued at approximately $4,972,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Tanger during the fourth quarter valued at approximately $2,064,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction 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 transaction, the chief operating officer now owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 5.80% of the stock is currently owned by insiders.

Remove Ads

Analyst Ratings Changes

Several brokerages recently weighed in on SKT. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price target for the company. BMO Capital Markets began coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Tanger has an average rating of "Hold" and an average price target of $36.00.

Tanger Stock Performance

SKT traded down $0.50 during mid-day trading on Thursday, reaching $32.24. 579,410 shares of the company traded hands, compared to its average volume of 678,964. The stock has a market capitalization of $3.63 billion, a P/E ratio of 37.05, a P/E/G ratio of 2.97 and a beta of 1.88. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company's fifty day moving average price is $33.68 and its 200-day moving average price is $33.93. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million during 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, sell-side analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.41%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio is currently 126.44%.

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.