Principal Financial Group Inc. Boosts Holdings in Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. raised its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 616,192 shares of the real estate investment trust's stock after purchasing an additional 14,926 shares during the period. Principal Financial Group Inc. owned 0.54% of Tanger worth $20,821,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SKT. Monument Capital Management acquired a new stake in shares of Tanger in the first quarter valued at about $351,000. New York State Teachers Retirement System raised its position in shares of Tanger by 6.3% in the first quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock valued at $5,879,000 after buying an additional 10,350 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Tanger in the fourth quarter valued at about $4,972,000. Deutsche Bank AG raised its position in shares of Tanger by 61.3% in the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock valued at $6,085,000 after buying an additional 67,740 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Tanger in the fourth quarter valued at about $22,239,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Scotiabank reduced 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. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Finally, 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 for the company. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $36.56.

Tanger Trading Up 0.2%

Shares of SKT traded up $0.06 during trading on Friday, reaching $32.01. 778,216 shares of the company traded hands, compared to its average volume of 839,920. Tanger Inc. has a twelve month low of $26.62 and a twelve month high of $37.57. The stock has a market cap of $3.62 billion, a PE ratio of 38.11, a price-to-earnings-growth ratio of 3.04 and a beta of 1.17. The stock has a 50-day simple moving average of $30.33 and a 200-day simple moving average of $32.09. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 2.37.

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

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.