Principal Financial Group Inc. Acquires 14,926 Shares of Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. grew its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 616,192 shares of the real estate investment trust's stock after acquiring an additional 14,926 shares during the quarter. Principal Financial Group Inc. owned about 0.54% of Tanger worth $20,821,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SKT. FMR LLC lifted its position in shares of Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after buying an additional 1,873,835 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Tanger by 78.6% during the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock worth $58,525,000 after buying an additional 754,429 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after buying an additional 697,291 shares during the last quarter. Northern Trust Corp lifted its position in shares of Tanger by 56.4% during the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after buying an additional 655,237 shares during the last quarter. Finally, Norges Bank acquired a new position in Tanger in the 4th quarter worth about $22,239,000. 85.23% of the stock is currently owned by institutional investors.

Tanger Trading Up 0.1%

Shares of SKT stock traded up $0.03 on Friday, hitting $31.98. The company had a trading volume of 156,710 shares, compared to its average volume of 835,275. The firm has a market cap of $3.62 billion, a P/E ratio of 37.95, a P/E/G ratio of 3.00 and a beta of 1.17. The stock's 50-day moving average is $30.28 and its two-hundred day moving average is $32.14. The company has a debt-to-equity ratio of 2.37, a quick ratio of 0.14 and a current ratio of 0.14. Tanger Inc. has a twelve month low of $26.62 and a twelve month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The company had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The business's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, equities research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on SKT. Scotiabank lowered their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Evercore ISI raised Tanger to a "hold" rating in a report on Friday, May 2nd. Barclays began coverage on Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 target price for the company. Finally, The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and upped their target price for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $36.56.

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.