Squarepoint Ops LLC Increases Stock Position in Tanger Inc. (NYSE:SKT)

Squarepoint Ops LLC raised its stake in Tanger Inc. (NYSE:SKT - Free Report) by 414.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,001 shares of the real estate investment trust's stock after buying an additional 33,842 shares during the period. Squarepoint Ops LLC's holdings in Tanger were worth $1,433,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SKT. FMR LLC raised its position in Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after acquiring an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP lifted its position 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 valued at $93,805,000 after acquiring an additional 697,291 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Tanger by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock valued at $68,161,000 after acquiring an additional 31,750 shares during the last quarter. Northern Trust Corp increased its position in Tanger by 56.4% during 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 purchasing an additional 655,237 shares in the last quarter. Finally, Millennium Management LLC increased its position 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 worth $59,681,000 after purchasing an additional 8,590 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SKT shares. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their target price for the company from $39.00 to $40.00 in a report on Friday, March 28th. Scotiabank reduced their price objective on shares of 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, Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Tanger Trading Up 1.0%

Shares of SKT traded up $0.29 during trading hours on Wednesday, hitting $29.39. The stock had a trading volume of 1,093,154 shares, compared to its average volume of 817,975. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57. The firm has a market cap of $3.33 billion, a P/E ratio of 33.78, a P/E/G ratio of 2.97 and a beta of 1.18. 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 company's fifty day simple moving average is $30.89 and its 200 day simple moving average is $33.11.

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

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a dividend of $0.2925 per share. This is an increase from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend was Wednesday, April 30th. Tanger's payout ratio is currently 139.29%.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. This trade represents a 9.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.70% of the stock is owned by insiders.

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.