Vestcor Inc Makes New $3.62 Million Investment in Tanger Inc. (NYSE:SKT)

Key Points

• Vestcor Inc has invested approximately $3.62 million to acquire 107,197 shares of Tanger Inc. (NYSE:SKT), representing a 0.09% stake in the company.
• Analysts have given Tanger Inc. a consensus rating of "Moderate Buy" with a target price averaging $36.40.
• Tanger Inc. announced a quarterly dividend of $0.2925 per share, equating to a 3.82% dividend yield, with a payout ratio currently at 139.29%.

Vestcor Inc acquired a new stake in Tanger Inc. (NYSE:SKT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 107,197 shares of the real estate investment trust's stock, valued at approximately $3,622,000. Vestcor Inc owned about 0.09% of Tanger at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. FIL Ltd increased its position in Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after acquiring an additional 401 shares during the period. Pictet Asset Management Holding SA increased its position in Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock valued at $1,121,000 after acquiring an additional 480 shares during the period. Xponance Inc. increased its position in Tanger by 6.7% in the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock valued at $276,000 after acquiring an additional 514 shares during the period. Summit Investment Advisors Inc. increased its position in Tanger by 5.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust's stock valued at $380,000 after acquiring an additional 553 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in Tanger by 0.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock valued at $5,386,000 after acquiring an additional 554 shares during the period. Institutional investors own 85.23% of the company's stock.

Tanger Trading Down 1.7%

Shares of SKT traded down $0.52 during trading hours on Friday, hitting $29.50. 1,386,269 shares of the stock were exchanged, compared to its average volume of 848,980. Tanger Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $37.57. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The business has a 50-day moving average of $30.65 and a 200-day moving average of $31.88. The firm has a market capitalization of $3.34 billion, a P/E ratio of 35.12, a price-to-earnings-growth ratio of 1.98 and a beta of 1.23.

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, hitting analysts' consensus estimates of $0.53. The business had revenue of $129.29 million during 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%. The business's quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. On average, research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Thursday, July 31st. Tanger's dividend payout ratio (DPR) is presently 139.29%.

Analysts Set New Price Targets

Several brokerages have issued reports on SKT. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. LADENBURG THALM/SH SH began coverage on shares of Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 price target for the company. Scotiabank decreased 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. Finally, Barclays began 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. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Tanger presently has an average rating of "Moderate Buy" and a consensus price target of $36.40.

Tanger 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.