Jefferies Financial Group Inc. Buys New Stake 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 position in Tanger Inc. (NYSE:SKT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 186,335 shares of the real estate investment trust's stock, valued at approximately $6,296,000. Jefferies Financial Group Inc. owned 0.16% of Tanger as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC increased its holdings in shares of Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after acquiring an additional 1,873,835 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Tanger by 78.6% in the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock valued at $58,525,000 after acquiring an additional 754,429 shares during the period. Wellington Management Group LLP increased its holdings in shares of Tanger by 34.0% in 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 acquiring an additional 697,291 shares during the period. Northern Trust Corp increased its holdings in shares of Tanger by 56.4% in 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 acquiring an additional 655,237 shares during the period. Finally, Norges Bank purchased a new position in shares of Tanger in the 4th quarter valued at $22,239,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SKT shares. Scotiabank cut their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. LADENBURG THALM/SH SH started coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price target on the stock. Evercore ISI raised Tanger to a "hold" rating in a research report on Friday, May 2nd. Finally, Barclays started coverage on Tanger in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Tanger currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.40.

Tanger Stock Performance

NYSE:SKT traded up $0.30 during trading hours on Wednesday, reaching $32.59. The company had a trading volume of 321,551 shares, compared to its average volume of 961,437. The firm has a market cap of $3.69 billion, a PE ratio of 37.06, a price-to-earnings-growth ratio of 2.01 and a beta of 1.23. Tanger Inc. has a 1-year low of $26.99 and a 1-year high of $37.57. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The business's 50 day moving average price is $30.74 and its 200-day moving average price is $31.85.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. The company had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. Tanger had a return on equity of 15.56% and a net margin of 18.22%. Tanger's quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.53 EPS. Research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.6%. The ex-dividend date is Thursday, July 31st. Tanger's dividend payout ratio is presently 139.29%.

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.