Edgestream Partners L.P. Buys 164,690 Shares of Tanger Inc. (NYSE:SKT)

Edgestream Partners L.P. increased its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 168.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 262,511 shares of the real estate investment trust's stock after purchasing an additional 164,690 shares during the period. Edgestream Partners L.P. owned approximately 0.23% of Tanger worth $8,870,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. New York State Common Retirement Fund raised its holdings in shares of Tanger by 20.5% during the first quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock valued at $3,673,000 after purchasing an additional 18,486 shares during the last quarter. Xponance Inc. grew its position in Tanger by 6.7% during the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock valued at $276,000 after buying an additional 514 shares during the period. Sightline Wealth Advisors LLC grew its position in Tanger by 11.3% during the first quarter. Sightline Wealth Advisors LLC now owns 96,924 shares of the real estate investment trust's stock valued at $3,275,000 after buying an additional 9,844 shares during the period. Principal Financial Group Inc. grew its position in Tanger by 2.5% during the first quarter. Principal Financial Group Inc. now owns 616,192 shares of the real estate investment trust's stock valued at $20,821,000 after buying an additional 14,926 shares during the period. Finally, New York State Teachers Retirement System grew its position in Tanger by 6.3% during 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 period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of SKT traded up $0.17 during mid-day trading on Thursday, reaching $31.88. The stock had a trading volume of 1,138,211 shares, compared to its average volume of 842,934. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 37.95, a PEG ratio of 2.10 and a beta of 1.17. Tanger Inc. has a 12 month low of $26.62 and a 12 month high of $37.57. The business has a fifty day moving average of $30.50 and a 200 day moving average of $32.06. The company has a debt-to-equity ratio of 2.37, a quick ratio of 0.14 and a current ratio of 0.14.

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

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.67%. Tanger's dividend payout ratio is 139.29%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SKT shares. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Barclays initiated coverage on shares of Tanger in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target for the company. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their price target for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, Scotiabank dropped their price target 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. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $36.56.

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.