Millennium Management LLC Buys 8,590 Shares of Tanger Inc. (NYSE:SKT)

Millennium Management LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 0.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,748,635 shares of the real estate investment trust's stock after purchasing an additional 8,590 shares during the period. Millennium Management LLC owned approximately 1.58% of Tanger worth $59,681,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Tanger by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,620 shares of the real estate investment trust's stock worth $2,069,000 after acquiring an additional 2,354 shares during the period. Lazard Asset Management LLC grew its stake in Tanger by 45.1% in the fourth quarter. Lazard Asset Management LLC now owns 38,093 shares of the real estate investment trust's stock valued at $1,300,000 after acquiring an additional 11,846 shares during the period. Deutsche Bank AG increased its holdings in shares of Tanger by 61.3% in the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock worth $6,085,000 after acquiring an additional 67,740 shares in the last quarter. Cubist Systematic Strategies LLC increased its holdings in shares of Tanger by 16.4% in the fourth quarter. Cubist Systematic Strategies LLC now owns 87,681 shares of the real estate investment trust's stock worth $2,993,000 after acquiring an additional 12,331 shares in the last quarter. Finally, BOKF NA raised its position in shares of Tanger by 23.6% during the fourth quarter. BOKF NA now owns 9,956 shares of the real estate investment trust's stock worth $325,000 after purchasing an additional 1,902 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SKT shares. 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 price objective for the company. Evercore ISI upgraded shares of Tanger to a "hold" rating in a report on Friday, May 2nd. Scotiabank lowered their price objective 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, The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 in the company, valued at $3,664,056.04. This represents a 9.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.70% of the stock is owned by corporate insiders.

Tanger Stock Down 0.6%

NYSE:SKT traded down $0.19 during trading hours on Thursday, reaching $29.39. 147,397 shares of the stock were exchanged, compared to its average volume of 797,121. The stock has a market cap of $3.33 billion, a PE ratio of 33.76, a PEG ratio of 2.97 and a beta of 1.18. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a 50 day moving average of $31.54 and a 200 day moving average of $33.50. 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 (NYSE:SKT - Get Free Report) last announced 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. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

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

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.