Jefferies Financial Group Inc. Invests $6.30 Million in Tanger Inc. (NYSE:SKT)

Key Points

• Jefferies Financial Group Inc. purchased 186,335 shares of Tanger Inc., totaling approximately $6.3 million, representing a 0.16% stake in the company as of the latest quarter.
• Several large institutional investors, such as FMR LLC and Nuveen Asset Management LLC, have significantly increased their stakes in Tanger, indicating growing institutional interest.
• Tanger Inc. declared a quarterly dividend of $0.2925 per share, with an annualized dividend yield of 4.0%, despite a dividend payout ratio of 139.29%.

Jefferies Financial Group Inc. purchased a new stake in Tanger Inc. (NYSE:SKT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 186,335 shares of the real estate investment trust's stock, valued at approximately $6,296,000. Jefferies Financial Group Inc. owned approximately 0.16% of Tanger at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. FIL Ltd increased its position in Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock worth $98,000 after purchasing an additional 401 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Tanger by 1.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock worth $1,121,000 after buying an additional 480 shares during the last quarter. Xponance Inc. increased its holdings in shares of Tanger by 6.7% during the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock worth $276,000 after buying an additional 514 shares during the last quarter. Summit Investment Advisors Inc. raised its position in shares of Tanger by 5.2% during 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 period. Finally, Public Employees Retirement System of Ohio lifted its holdings in Tanger by 0.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock valued at $5,386,000 after acquiring an additional 554 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 3.3%

Shares of SKT traded up $0.97 during mid-day trading on Monday, reaching $30.49. 1,292,751 shares of the stock traded hands, compared to its average volume of 918,293. The stock has a fifty day simple moving average of $30.68 and a 200 day simple moving average of $31.84. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 36.29, a P/E/G ratio of 1.95 and a beta of 1.23. Tanger Inc. has a 12-month low of $26.62 and a 12-month high of $37.57. 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 (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. Tanger had a return on equity of 15.13% and a net margin of 17.65%. During the same quarter last year, the business earned $0.53 EPS. The business's quarterly revenue was up 9.2% compared to the same quarter last year. Sell-side analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $0.2925 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.8%. Tanger's payout ratio is presently 139.29%.

Analysts Set New Price Targets

SKT has been the subject of a number of recent analyst reports. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 price objective for the company. Barclays started coverage on shares of Tanger in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. Scotiabank decreased their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Finally, Evercore ISI upgraded Tanger to a "hold" rating in a report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.40.

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.