Fmr LLC Buys 1,873,835 Shares of Tanger Inc. (NYSE:SKT)

FMR LLC raised its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 24.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,397,189 shares of the real estate investment trust's stock after purchasing an additional 1,873,835 shares during the quarter. FMR LLC owned 8.49% of Tanger worth $320,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of 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 acquiring an additional 733 shares during the last quarter. GAMMA Investing LLC raised its position in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after purchasing an additional 514 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock worth $95,000 after purchasing an additional 2,249 shares during the last quarter. KBC Group NV lifted its stake in Tanger by 21.6% during the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Tanger by 12.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after purchasing an additional 583 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Trading Up 0.2 %

Shares of NYSE SKT traded up $0.07 during mid-day trading on Wednesday, hitting $32.13. The stock had a trading volume of 63,877 shares, compared to its average volume of 868,999. The firm has a market cap of $3.64 billion, a P/E ratio of 36.93, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. 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 business has a 50 day moving average price of $33.25 and a two-hundred day moving average price of $33.99. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The firm had revenue of $132.17 million for the quarter, compared to analysts' expectations of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, equities analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.64%. Tanger's dividend payout ratio is presently 134.48%.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares of the company's stock, 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 is accessible through this hyperlink. Insiders own 5.70% of the company's stock.

Analysts Set New Price Targets

SKT has been the subject of a number of recent research reports. BMO Capital Markets started coverage on Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective for the company. Finally, The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and increased their target price for the company from $39.00 to $40.00 in a report on Friday, March 28th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $36.63.

Tanger Company 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.