Public Sector Pension Investment Board Grows Stake in Tanger Inc. (NYSE:SKT)

Key Points

• The Public Sector Pension Investment Board increased its stake in Tanger Inc. by 27.3%, acquiring an additional 75,284 shares in the first quarter, bringing its total ownership to 351,079 shares valued at approximately $11.86 million.
• Tanger announced a quarterly dividend of $0.2925 per share, resulting in an annualized dividend of $1.17 and a yield of 3.6%, with a dividend payout ratio currently at 132.95%.
• The stock of Tanger Inc. has seen a 2.6% increase, with recent earnings of $0.58 EPS surpassing analysts' expectations and a projected earnings outlook of $2.24 EPS for the current year.

Public Sector Pension Investment Board increased its stake in Tanger Inc. (NYSE:SKT - Free Report) by 27.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 351,079 shares of the real estate investment trust's stock after buying an additional 75,284 shares during the period. Public Sector Pension Investment Board owned 0.31% of Tanger worth $11,863,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NBC Securities Inc. purchased a new stake in shares of Tanger in the 1st quarter worth approximately $30,000. GF Fund Management CO. LTD. purchased a new stake in Tanger during the 4th quarter valued at $68,000. Coppell Advisory Solutions LLC boosted its stake in Tanger by 144.4% during 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 purchasing an additional 1,399 shares during the last quarter. FIL Ltd boosted its stake in Tanger by 16.2% during the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after purchasing an additional 401 shares during the last quarter. Finally, Contravisory Investment Management Inc. boosted its stake in Tanger by 1,027.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock valued at $190,000 after purchasing an additional 5,129 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SKT. Scotiabank dropped their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Evercore ISI upgraded Tanger to a "hold" rating in a research note on Friday, May 2nd. LADENBURG THALM/SH SH began coverage on Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, Barclays began coverage on Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target on the stock. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $36.40.

Tanger Price Performance

NYSE:SKT traded down $0.18 on Friday, reaching $32.29. 801,826 shares of the company's stock traded hands, compared to its average volume of 1,000,535. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The stock has a 50-day simple moving average of $31.15 and a 200-day simple moving average of $31.81. The firm has a market cap of $3.65 billion, a PE ratio of 36.69, a P/E/G ratio of 2.12 and a beta of 1.23. Tanger Inc. has a 12 month low of $27.84 and a 12 month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The business's quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.53 earnings per share. Equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a dividend of $0.2925 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.6%. Tanger's dividend payout ratio (DPR) is presently 132.95%.

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.