New Age Alpha Advisors LLC Buys 81,111 Shares of Tanger Inc. (NYSE:SKT)

Key Points

• New Age Alpha Advisors LLC increased its stake in Tanger Inc. by 168.3%, owning 129,316 shares after acquiring an additional 81,111 shares in the latest quarter.
• Tanger Inc. reported a $0.58 EPS for the last quarter, exceeding analysts' expectations of $0.56 and showing a 9.2% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.2925, reflecting an annualized yield of 3.6%, despite a payout ratio of 139.29%.

New Age Alpha Advisors LLC raised its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 168.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 129,316 shares of the real estate investment trust's stock after purchasing an additional 81,111 shares during the quarter. New Age Alpha Advisors LLC owned 0.11% of Tanger worth $4,370,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. American Century Companies Inc. raised its position in shares of Tanger by 3.3% during the 4th quarter. American Century Companies Inc. now owns 36,967 shares of the real estate investment trust's stock valued at $1,262,000 after purchasing an additional 1,193 shares during the period. JPMorgan Chase & Co. increased its stake in Tanger by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock worth $22,187,000 after buying an additional 205,159 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Tanger by 8.7% during the fourth quarter. Wells Fargo & Company MN now owns 203,243 shares of the real estate investment trust's stock valued at $6,937,000 after acquiring an additional 16,296 shares during the period. Resona Asset Management Co. Ltd. purchased a new position in shares of Tanger in the fourth quarter valued at about $1,502,000. Finally, Aster Capital Management DIFC Ltd lifted its position in shares of Tanger by 232.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 733 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Price Performance

NYSE:SKT traded down $0.57 during trading hours on Thursday, reaching $31.95. The stock had a trading volume of 922,510 shares, compared to its average volume of 1,015,884. The stock has a market capitalization of $3.62 billion, a PE ratio of 36.31, a PEG ratio of 2.14 and a beta of 1.23. Tanger Inc. has a 52 week low of $27.03 and a 52 week high of $37.57. The company has a 50 day moving average price of $30.84 and a two-hundred day moving average price of $31.84. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.14 and a current ratio of 0.11.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The firm had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. Tanger's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share. As a group, sell-side analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm 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 dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Thursday, July 31st. Tanger's dividend payout ratio is currently 139.29%.

Analysts Set New Price Targets

SKT has been the subject of several research analyst reports. Scotiabank cut 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. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 price objective for the company. Barclays initiated 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 on the stock. Finally, Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $36.40.

About Tanger

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.