Exchange Traded Concepts LLC grew its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 453.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,405 shares of the real estate investment trust's stock after acquiring an additional 23,274 shares during the period. Exchange Traded Concepts LLC's holdings in Tanger were worth $960,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after buying an additional 1,873,835 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Tanger by 78.6% in the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock worth $58,525,000 after buying an additional 754,429 shares during the last quarter. Wellington Management Group LLP increased its position in Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after acquiring an additional 697,291 shares during the period. Northern Trust Corp increased its position in Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after acquiring an additional 655,237 shares during the period. Finally, Norges Bank bought a new position in Tanger during the fourth quarter worth $22,239,000. 85.23% of the stock is owned by institutional investors.
Tanger Stock Up 0.6%
Shares of NYSE SKT opened at $29.90 on Friday. The firm's 50-day simple moving average is $30.49 and its 200 day simple moving average is $32.61. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 35.59, a price-to-earnings-growth ratio of 2.84 and a beta of 1.19. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 2.37. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57.
Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The firm's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. On average, research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.
Tanger Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. The ex-dividend date was Wednesday, April 30th. This is an increase from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.91%. Tanger's dividend payout ratio is presently 139.29%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the stock. Evercore ISI raised shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and boosted their price target for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Scotiabank lowered their price target on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Tanger has a consensus rating of "Moderate Buy" and an average price target of $37.00.
Get Our Latest Report on Tanger
Tanger 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.
Further Reading
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