Allspring Global Investments Holdings LLC trimmed its stake in Tanger Inc. (NYSE:SKT - Free Report) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 235,426 shares of the real estate investment trust's stock after selling 11,699 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.21% of Tanger worth $8,009,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Mutual of America Capital Management LLC grew its position in shares of Tanger by 1.9% in the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock valued at $572,000 after buying an additional 319 shares during the last quarter. Maryland State Retirement & Pension System grew its position in shares of Tanger by 0.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust's stock valued at $1,272,000 after buying an additional 349 shares during the last quarter. FIL Ltd grew its position in shares of Tanger by 16.2% in the 4th 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. Pictet Asset Management Holding SA grew its position in shares of Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock valued at $1,121,000 after buying an additional 480 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its position in shares of Tanger by 5.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust's stock valued at $380,000 after buying an additional 553 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.
Tanger Stock Performance
Shares of SKT stock traded up $0.18 during mid-day trading on Tuesday, hitting $31.45. The stock had a trading volume of 972,156 shares, compared to its average volume of 836,782. Tanger Inc. has a fifty-two week low of $26.05 and a fifty-two week high of $37.57. The firm has a market cap of $3.56 billion, a PE ratio of 37.44, a PEG ratio of 2.97 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's 50-day simple moving average is $30.24 and its 200-day simple moving average is $32.16.
Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The company had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. During the same quarter last year, the business earned $0.52 EPS. The business's revenue was up 9.7% on a year-over-year basis. Sell-side analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.
Tanger Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were paid a $0.2925 dividend. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.72%. Tanger's dividend payout ratio (DPR) is 139.29%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on SKT. Scotiabank decreased their price target 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 upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Barclays began coverage on shares of Tanger in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price target for the company. Finally, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $36.56.
Read Our Latest Stock Analysis on SKT
Tanger Company Profile
(
Free Report)
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.
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