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

Principal Financial Group Inc. grew its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 616,192 shares of the real estate investment trust's stock after buying an additional 14,926 shares during the quarter. Principal Financial Group Inc. owned 0.54% of Tanger worth $20,821,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in SKT. Monument Capital Management acquired a new stake in shares of Tanger during the 1st quarter worth about $351,000. Raymond James Financial Inc. acquired a new stake in shares of Tanger during the 4th quarter worth about $4,972,000. New York State Teachers Retirement System increased its position in shares of Tanger by 6.3% during the 1st quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock worth $5,879,000 after purchasing an additional 10,350 shares in the last quarter. Deutsche Bank AG increased its position in shares of Tanger by 61.3% during the 4th quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock worth $6,085,000 after purchasing an additional 67,740 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Tanger during the 4th quarter worth about $22,239,000. Institutional investors and hedge funds own 85.23% of the company's stock.

Analysts Set New Price Targets

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

Tanger Trading Up 1.2%

Shares of NYSE SKT traded up $0.38 during mid-day trading on Thursday, hitting $31.97. The company's stock had a trading volume of 939,825 shares, compared to its average volume of 836,942. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 38.06, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. Tanger Inc. has a one year low of $26.37 and a one year high of $37.57. The company's fifty day simple moving average is $30.24 and its 200-day simple moving average is $32.15.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. The company had revenue of $129.29 million for 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 company's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. On average, sell-side analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

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.