MSH Capital Advisors LLC acquired a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,543 shares of the real estate investment trust's stock, valued at approximately $565,000.
A number of other institutional investors have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 733 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Tanger by 24.9% in 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 during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after purchasing an additional 2,249 shares during the period. FIL Ltd grew its stake 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. Finally, KBC Group NV raised its stake in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock valued at $153,000 after purchasing an additional 795 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.
Insiders Place Their Bets
In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company'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 transaction, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.70% of the stock is owned by company insiders.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their target price for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. BMO Capital Markets began coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target on the stock. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.63.
Get Our Latest Research Report on Tanger
Tanger Stock Performance
SKT stock traded up $0.78 on Tuesday, hitting $31.87. The company had a trading volume of 161,434 shares, compared to its average volume of 765,627. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 36.63, a P/E/G ratio of 2.97 and a beta of 1.49. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57. The stock's 50-day simple moving average is $33.14 and its 200 day simple moving average is $33.97. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09.
Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results 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. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. As a group, equities research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.
Tanger Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.67%. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is 134.48%.
About Tanger
(
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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