New York State Teachers Retirement System Increases Position in Tanger Inc. (NYSE:SKT)

New York State Teachers Retirement System lifted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 173,974 shares of the real estate investment trust's stock after purchasing an additional 10,350 shares during the period. New York State Teachers Retirement System owned 0.15% of Tanger worth $5,879,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SKT. NBC Securities Inc. purchased a new stake in shares of Tanger during the 1st quarter worth approximately $30,000. Aster Capital Management DIFC Ltd increased its stake in shares of Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 733 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Tanger during the 4th quarter worth approximately $68,000. Coppell Advisory Solutions LLC grew its stake in Tanger by 144.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 1,399 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after buying an additional 2,249 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SKT shares. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Barclays started coverage on shares of Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective for the company. Finally, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $36.56.

Tanger Price Performance

Shares of SKT traded down $0.04 during mid-day trading on Monday, reaching $31.65. 126,486 shares of the stock traded hands, compared to its average volume of 831,937. The firm has a fifty day moving average price of $30.26 and a 200 day moving average price of $32.18. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 37.63, a price-to-earnings-growth ratio of 3.01 and a beta of 1.17. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 2.37. Tanger Inc. has a 1 year low of $26.05 and a 1 year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, meeting analysts' consensus estimates of $0.53. The firm had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The business's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. As a group, equities research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This is a positive change from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date was Wednesday, April 30th. Tanger's payout ratio is 139.29%.

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.