ProShare Advisors LLC Increases Stake in Tanger Inc. (NYSE:SKT)

ProShare Advisors LLC lifted its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 44.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 32,171 shares of the real estate investment trust's stock after acquiring an additional 9,901 shares during the quarter. ProShare Advisors LLC's holdings in Tanger were worth $1,098,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new position in Tanger during the 4th quarter worth approximately $4,972,000. Rhumbline Advisers lifted its position in Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after purchasing an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Tanger by 4.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock valued at $5,560,000 after purchasing an additional 7,647 shares during the period. Norges Bank bought a new position in shares of Tanger in the fourth quarter worth approximately $22,239,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock worth $68,161,000 after purchasing an additional 31,750 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SKT shares. BMO Capital Markets assumed coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Evercore ISI raised shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their target price for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Scotiabank reduced their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Tanger Trading Down 0.6%

Shares of NYSE:SKT traded down $0.17 on Wednesday, hitting $29.38. The company had a trading volume of 59,841 shares, compared to its average volume of 804,393. The firm's 50-day simple moving average is $31.28 and its two-hundred day simple moving average is $33.35. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 33.82, a P/E/G ratio of 2.97 and a beta of 1.18. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. During the same period last year, the business posted $0.52 earnings per share. Tanger's quarterly revenue was up 9.7% compared to the same quarter last year. Equities analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.98%. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is presently 139.29%.

Insider Activity

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.70% of the company's stock.

Tanger 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.