Allianz Asset Management GmbH Invests $2.22 Million in Tanger Inc. (NYSE:SKT)

Allianz Asset Management GmbH purchased a new position in Tanger Inc. (NYSE:SKT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 65,683 shares of the real estate investment trust's stock, valued at approximately $2,219,000. Allianz Asset Management GmbH owned 0.06% of Tanger as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SKT. Bailard Inc. bought a new position in shares of Tanger during the 1st quarter valued at $203,000. Edgestream Partners L.P. grew its stake in shares of Tanger by 168.4% during the 1st quarter. Edgestream Partners L.P. now owns 262,511 shares of the real estate investment trust's stock valued at $8,870,000 after purchasing an additional 164,690 shares during the period. New York State Common Retirement Fund increased its position in shares of Tanger by 20.5% during the 1st quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock valued at $3,673,000 after purchasing an additional 18,486 shares during the last quarter. Xponance Inc. lifted its stake in shares of Tanger by 6.7% in the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock worth $276,000 after purchasing an additional 514 shares during the period. Finally, Sightline Wealth Advisors LLC grew its position in Tanger by 11.3% during the first quarter. Sightline Wealth Advisors LLC now owns 96,924 shares of the real estate investment trust's stock valued at $3,275,000 after buying an additional 9,844 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SKT has been the topic of a number of recent research reports. LADENBURG THALM/SH SH began coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price on the stock. Barclays initiated coverage on Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective on the stock. Scotiabank cut their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Finally, Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $36.40.

Tanger Trading Down 1.7%

Shares of SKT stock traded down $0.52 on Friday, reaching $29.50. 1,386,269 shares of the company's stock 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 company's fifty day simple moving average is $30.65 and its 200 day simple moving average is $31.87. The stock has a market capitalization of $3.34 billion, a PE ratio of 35.12, a P/E/G ratio of 1.95 and a beta of 1.23. Tanger Inc. has a 52 week low of $26.62 and a 52 week high of $37.57.

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, meeting analysts' consensus estimates of $0.53. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. Tanger's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. As a group, analysts forecast that Tanger Inc. will post 2.24 EPS 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 given a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger's payout ratio is presently 139.29%.

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.