GAMMA Investing LLC Acquires 88,013 Shares of Tanger Inc. (NYSE:SKT)

GAMMA Investing LLC increased its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 3,414.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 90,591 shares of the real estate investment trust's stock after buying an additional 88,013 shares during the quarter. GAMMA Investing LLC owned about 0.08% of Tanger worth $3,061,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Tanger in the fourth quarter valued at approximately $4,972,000. Rhumbline Advisers lifted its holdings in shares of Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after purchasing an additional 10,283 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Tanger by 4.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock valued at $5,560,000 after purchasing an additional 7,647 shares in the last quarter. Norges Bank bought a new position in shares of Tanger in the fourth quarter valued at approximately $22,239,000. Finally, Deutsche Bank AG lifted its holdings in shares of Tanger by 61.3% in the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock valued at $6,085,000 after purchasing an additional 67,740 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Down 1.2%

SKT stock traded down $0.37 during midday trading on Friday, hitting $29.69. The company's stock had a trading volume of 704,698 shares, compared to its average volume of 824,398. The company has a market cap of $3.36 billion, a PE ratio of 34.13, a P/E/G ratio of 2.97 and a beta of 1.19. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The firm's 50-day moving average is $30.61 and its 200-day moving average is $32.77.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The firm had revenue of $129.29 million for the quarter, compared to analysts' expectations of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company's revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 EPS. On average, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend was Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio is presently 139.29%.

Analyst Ratings Changes

SKT has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Evercore ISI upgraded Tanger to a "hold" rating in a report on Friday, May 2nd. Finally, Scotiabank decreased 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. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $37.00.

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.