GAMMA Investing LLC boosted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 3,414.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,591 shares of the real estate investment trust's stock after purchasing an additional 88,013 shares during the quarter. GAMMA Investing LLC owned approximately 0.08% of Tanger worth $3,061,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently modified their holdings of the company. FMR LLC lifted its position in Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after purchasing an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP raised its holdings in Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock valued at $93,805,000 after buying an additional 697,291 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tanger by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock worth $68,161,000 after purchasing an additional 31,750 shares during the period. Northern Trust Corp increased its holdings in Tanger by 56.4% during the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock valued at $62,016,000 after purchasing an additional 655,237 shares during the period. Finally, Millennium Management LLC lifted its holdings in Tanger by 0.5% in the 4th quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust's stock worth $59,681,000 after buying an additional 8,590 shares during the period. 85.23% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
SKT has been the topic of several research analyst reports. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and boosted their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Scotiabank lowered their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Finally, Evercore ISI raised Tanger to a "hold" rating in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.
View Our Latest Stock Report on SKT
Tanger Stock Down 1.7%
Shares of NYSE:SKT traded down $0.51 during trading on Friday, reaching $29.56. 184,179 shares of the stock traded hands, compared to its average volume of 819,240. The stock has a 50-day moving average of $30.62 and a two-hundred day moving average of $32.85. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The stock has a market cap of $3.34 billion, a P/E ratio of 33.98, a price-to-earnings-growth ratio of 2.97 and a beta of 1.19.
Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.53. The firm had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company's quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, sell-side analysts expect 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. Shareholders of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.96%. 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 payout ratio is currently 139.29%.
About Tanger
(
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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