Advisors Preferred LLC Acquires 9,822 Shares of Tanger Inc. (NYSE:SKT)

Advisors Preferred LLC lifted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 168,755 shares of the real estate investment trust's stock after buying an additional 9,822 shares during the period. Advisors Preferred LLC owned approximately 0.15% of Tanger worth $5,741,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in SKT. New York State Common Retirement Fund lifted its stake in Tanger by 20.5% during the first quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock worth $3,673,000 after purchasing an additional 18,486 shares during the last quarter. Monument Capital Management acquired a new position in shares of Tanger during the first quarter worth $351,000. New York State Teachers Retirement System increased its holdings in shares of Tanger by 6.3% during the first quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock worth $5,879,000 after buying an additional 10,350 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Tanger during the fourth quarter worth $4,972,000. Finally, Deutsche Bank AG increased its holdings in shares of Tanger by 61.3% during the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock worth $6,085,000 after buying an additional 67,740 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Down 0.7%

Shares of SKT stock traded down $0.21 on Friday, reaching $31.30. 1,226,440 shares of the company were exchanged, compared to its average volume of 953,899. Tanger Inc. has a one year low of $26.62 and a one year high of $37.57. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 37.26, a PEG ratio of 2.10 and a beta of 1.17. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The company has a 50-day moving average of $30.59 and a 200-day moving average of $31.98.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The firm had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. During the same quarter last year, the business posted $0.52 EPS. The company's revenue for the quarter was up 9.7% on a year-over-year basis. Analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.74%. Tanger's payout ratio is currently 139.29%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Evercore ISI upgraded Tanger to a "hold" rating in a report on Friday, May 2nd. Barclays assumed coverage on Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective for the company. LADENBURG THALM/SH SH assumed coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and upped their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, Scotiabank cut their price target on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.40.

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.