Exchange Traded Concepts LLC grew its position in Tanger Inc. (NYSE:SKT - Free Report) by 453.6% during the 1st quarter, according to the company in 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 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in SKT. Van ECK Associates Corp boosted its holdings in Tanger by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 20,166 shares of the real estate investment trust's stock worth $688,000 after buying an additional 1,869 shares in the last quarter. Rhumbline Advisers boosted its holdings in Tanger by 2.6% during the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock worth $13,637,000 after buying an additional 10,283 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Tanger by 5.4% during the fourth quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust's stock worth $20,521,000 after buying an additional 30,618 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in Tanger during the fourth quarter worth about $200,000. Finally, Handelsbanken Fonder AB boosted its holdings in Tanger by 11.3% during the fourth quarter. Handelsbanken Fonder AB now owns 35,353 shares of the real estate investment trust's stock worth $1,207,000 after buying an additional 3,600 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.
Tanger Trading Up 1.9%
Shares of NYSE:SKT traded up $0.57 during trading on Monday, reaching $30.60. The stock had a trading volume of 804,097 shares, compared to its average volume of 826,601. The business has a fifty day moving average price of $30.45 and a 200-day moving average price of $32.46. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 2.37. The stock has a market cap of $3.46 billion, a P/E ratio of 36.43, a PEG ratio of 2.85 and a beta of 1.19. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57.
Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data 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. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. During the same quarter in the previous year, the business posted $0.52 earnings per share. The company's revenue was up 9.7% on a year-over-year basis. As a group, analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.
Tanger Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.82%. Tanger's dividend payout ratio is 139.29%.
Analyst Ratings Changes
Several analysts have issued reports on SKT shares. 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 report on Friday, March 28th. Evercore ISI raised shares of Tanger to a "hold" rating in a report on Friday, May 2nd. Finally, Scotiabank reduced 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 research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.00.
Check Out Our Latest Stock Report 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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