Two Sigma Investments LP Acquires 90,607 Shares of Tanger Inc. (NYSE:SKT)

Two Sigma Investments LP increased its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 307.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,095 shares of the real estate investment trust's stock after buying an additional 90,607 shares during the period. Two Sigma Investments LP owned about 0.11% of Tanger worth $4,099,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd boosted its position in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after buying an additional 733 shares during the period. Coppell Advisory Solutions LLC boosted its position in Tanger by 144.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after buying an additional 1,399 shares during the period. Smartleaf Asset Management LLC boosted its position in Tanger by 415.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock worth $95,000 after buying an additional 2,249 shares during the period. FIL Ltd boosted its position in Tanger by 16.2% during the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock worth $98,000 after buying an additional 401 shares during the period. Finally, KBC Group NV boosted its position in Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after buying an additional 795 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and boosted 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 on the stock in a research report on Wednesday, April 23rd. 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Tanger Trading Down 0.7%

Shares of NYSE:SKT traded down $0.22 during mid-day trading on Monday, hitting $29.58. The company had a trading volume of 727,335 shares, compared to its average volume of 812,231. The firm has a fifty day moving average price of $31.04 and a 200 day moving average price of $33.16. The company has a market capitalization of $3.35 billion, a PE ratio of 34.00, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57.

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

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were paid a $0.2925 dividend. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.96%. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is currently 139.29%.

Insider Activity

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.70% of the stock is currently owned by company 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.