New York State Common Retirement Fund grew its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 20.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 108,687 shares of the real estate investment trust's stock after purchasing an additional 18,486 shares during the period. New York State Common Retirement Fund owned approximately 0.10% of Tanger worth $3,673,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of SKT. Raymond James Financial Inc. acquired a new position in shares of Tanger during the fourth quarter valued at $4,972,000. Commonwealth Equity Services LLC lifted its holdings in shares of Tanger by 3.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 42,571 shares of the real estate investment trust's stock valued at $1,453,000 after buying an additional 1,258 shares during the period. Cibc World Markets Corp acquired a new stake in shares of Tanger in the fourth quarter valued at $340,000. Xponance Inc. lifted its holdings in shares of Tanger by 9.5% in the fourth quarter. Xponance Inc. now owns 7,642 shares of the real estate investment trust's stock valued at $261,000 after buying an additional 664 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Tanger by 98.9% in the fourth quarter. Teacher Retirement System of Texas now owns 62,696 shares of the real estate investment trust's stock valued at $2,140,000 after buying an additional 31,175 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have recently weighed in on SKT shares. Evercore ISI upgraded Tanger to a "hold" rating in a report on Friday, May 2nd. LADENBURG THALM/SH SH started coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Barclays started coverage on Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price objective for the company. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Scotiabank decreased their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Tanger currently has a consensus rating of "Moderate Buy" and an average price target of $36.40.
Get Our Latest Report on SKT
Tanger Stock Performance
Shares of SKT stock opened at $31.82 on Wednesday. Tanger Inc. has a 1-year low of $26.62 and a 1-year high of $37.57. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 2.37. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 37.88, a P/E/G ratio of 2.08 and a beta of 1.17. The stock's fifty day simple moving average is $30.54 and its 200-day simple moving average is $31.99.
Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 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 net margin of 17.65% and a return on equity of 15.13%. Tanger's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. On average, sell-side analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.
Tanger Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger's payout ratio is presently 139.29%.
Tanger Profile
(
Free Report)
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.
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