Allianz Asset Management GmbH Acquires Shares of 65,683 Tanger Inc. (NYSE:SKT)

Allianz Asset Management GmbH bought a new stake in shares of Tanger Inc. (NYSE:SKT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 65,683 shares of the real estate investment trust's stock, valued at approximately $2,219,000. Allianz Asset Management GmbH owned about 0.06% of Tanger at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in Tanger during the first quarter valued at approximately $30,000. Aster Capital Management DIFC Ltd increased its holdings in Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 733 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Tanger during the fourth quarter valued at approximately $68,000. Coppell Advisory Solutions LLC increased its holdings in Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 1,399 shares during the last quarter. Finally, FIL Ltd increased its holdings in Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after buying an additional 401 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of NYSE:SKT traded down $0.52 during midday trading on Friday, reaching $29.50. 1,386,269 shares of the company were exchanged, compared to its average volume of 848,980. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 2.37. The business's fifty day moving average is $30.65 and its two-hundred day moving average is $31.88. Tanger Inc. has a one year low of $26.62 and a one year high of $37.57. The stock has a market cap of $3.34 billion, a PE ratio of 35.12, a price-to-earnings-growth ratio of 1.98 and a beta of 1.23.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting analysts' consensus estimates 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 in the prior year, the business earned $0.52 earnings per share. Tanger's revenue for the quarter was up 9.7% on a year-over-year basis. As a group, analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a dividend of $0.2925 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.0%. Tanger's dividend payout ratio is currently 139.29%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays assumed coverage on shares of Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective for the company. Scotiabank reduced their price objective 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, April 23rd. Evercore ISI raised shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Tanger currently has a consensus rating of "Moderate Buy" and an average target price of $36.40.

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.