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

State of Wyoming increased its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 74.9% in the fourth quarter, according to its most recent filing with the SEC. The fund 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 quarter.

A number of other large investors also recently bought and sold shares of SKT. FMR LLC increased its stake in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after purchasing an additional 1,873,835 shares during the period. Wellington Management Group LLP grew its holdings in shares of Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after purchasing an additional 697,291 shares during the last quarter. 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. Northern Trust Corp increased its stake in Tanger by 56.4% in the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after buying an additional 655,237 shares during the period. Finally, Millennium Management LLC lifted its holdings in Tanger by 0.5% during the 4th quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust's stock valued at $59,681,000 after buying an additional 8,590 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm'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 sale, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.70% of the stock is currently owned by corporate insiders.

Tanger Stock Down 1.0%

SKT stock traded down $0.29 during trading on Friday, hitting $28.98. 333,652 shares of the company's stock traded hands, compared to its average volume of 799,067. The firm has a market capitalization of $3.28 billion, a P/E ratio of 33.30, a PEG ratio of 2.97 and a beta of 1.18. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The business has a fifty day simple moving average of $31.48 and a two-hundred day simple moving average of $33.48.

Tanger (NYSE:SKT - Get Free Report) last announced 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 business had revenue of $129.29 million for the quarter, compared to analysts' expectations of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business'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. Sell-side analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is 139.29%.

Analyst Ratings Changes

A number of equities analysts have commented on SKT shares. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. BMO Capital Markets initiated coverage on Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price target for the company. Scotiabank dropped their price objective 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. Finally, The Goldman Sachs Group upgraded 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 report on Friday, March 28th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $37.00.

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.