State of Wyoming Grows Stake in Tanger Inc. (NYSE:SKT)

State of Wyoming lifted its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 74.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,421 shares of the real estate investment trust's stock after acquiring an additional 10,887 shares during the period. State of Wyoming's holdings in Tanger were worth $868,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of Tanger in the fourth quarter worth about $4,972,000. Rhumbline Advisers boosted its stake in shares of Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock worth $13,637,000 after acquiring an additional 10,283 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of Tanger by 4.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock worth $5,560,000 after acquiring an additional 7,647 shares during the period. Norges Bank bought a new position in shares of Tanger in the fourth quarter worth about $22,239,000. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 acquiring an additional 31,750 shares during the period. Institutional investors own 85.23% of the company's stock.

Analyst Ratings Changes

SKT has been the topic of a number of research analyst reports. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price on the stock. Scotiabank decreased their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Insider Transactions at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This represents a 9.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.70% of the company's stock.

Tanger Trading Down 2.8%

SKT stock traded down $0.87 during midday trading on Wednesday, reaching $29.63. 485,404 shares of the company traded hands, compared to its average volume of 799,513. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The business has a 50 day moving average of $31.54 and a 200-day moving average of $33.50. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 34.05, a P/E/G ratio of 2.97 and a beta of 1.18.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. During the same period in the prior year, the business posted $0.52 earnings per share. The company's quarterly revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts expect 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. Stockholders of record on Wednesday, April 30th were issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.95%. This is an increase 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 is presently 139.29%.

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.