Tanger Inc. (NYSE:SKT) Shares Bought by Legato Capital Management LLC

Legato Capital Management LLC lifted its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 29.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,330 shares of the real estate investment trust's stock after acquiring an additional 14,786 shares during the period. Legato Capital Management LLC owned 0.06% of Tanger worth $2,208,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new position in Tanger during the fourth quarter valued at approximately $4,972,000. Commonwealth Equity Services LLC boosted its stake in Tanger by 3.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 42,571 shares of the real estate investment trust's stock valued at $1,453,000 after buying an additional 1,258 shares during the last quarter. Cibc World Markets Corp bought a new stake in shares of Tanger in the 4th quarter valued at approximately $340,000. Xponance Inc. lifted its stake in shares of Tanger by 9.5% in the 4th quarter. Xponance Inc. now owns 7,642 shares of the real estate investment trust's stock valued at $261,000 after purchasing an additional 664 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in shares of Tanger by 98.9% in the 4th quarter. Teacher Retirement System of Texas now owns 62,696 shares of the real estate investment trust's stock valued at $2,140,000 after purchasing an additional 31,175 shares during the last quarter. Institutional investors own 85.23% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on SKT. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Barclays started coverage on Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target on the stock. Scotiabank reduced 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 initiated coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, Evercore ISI upgraded Tanger to a "hold" rating in a report on Friday, May 2nd. Five equities 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 currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Tanger Stock Down 0.7%

NYSE SKT traded down $0.21 during midday trading on Friday, hitting $31.30. 1,226,440 shares of the company traded hands, compared to its average volume of 953,264. 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 company has a market cap of $3.54 billion, a PE ratio of 37.26, a price-to-earnings-growth ratio of 2.10 and a beta of 1.17. Tanger Inc. has a 52 week low of $26.62 and a 52 week high of $37.57. The company's 50-day simple moving average is $30.59 and its 200-day simple moving average is $31.98.

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, hitting analysts' consensus estimates of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The firm had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. During the same quarter last year, the firm earned $0.52 EPS. The business's quarterly revenue was up 9.7% on a year-over-year basis. As a group, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $0.2925 dividend. The ex-dividend date is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.74%. Tanger's dividend payout ratio (DPR) 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.