Federated Hermes Inc. Has $3.92 Million Stake in Tanger Inc. (NYSE:SKT)

Federated Hermes Inc. raised its position in Tanger Inc. (NYSE:SKT - Free Report) by 2,457.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 141,485 shares of the real estate investment trust's stock after buying an additional 135,952 shares during the period. Federated Hermes Inc. owned approximately 0.13% of Tanger worth $3,922,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P lifted its position in shares of Tanger by 4,051.4% during the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 1,418 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Tanger during the fourth quarter worth about $210,000. Van ECK Associates Corp lifted its position in shares of Tanger by 4.3% during the third quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust's stock worth $270,000 after purchasing an additional 496 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tanger during the third quarter worth about $271,000. Finally, Spirit of America Management Corp NY bought a new position in shares of Tanger during the fourth quarter worth about $305,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SKT shares. Evercore ISI increased their price objective on shares of Tanger from $28.00 to $29.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 28th. Bank of America upgraded shares of Tanger from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Finally, Citigroup upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $29.00.

Tanger Stock Performance

Shares of NYSE:SKT traded up $0.21 during trading hours on Friday, hitting $28.88. The stock had a trading volume of 540,475 shares, compared to its average volume of 707,738. The stock's fifty day simple moving average is $28.46 and its 200 day simple moving average is $26.81. Tanger Inc. has a 1-year low of $18.00 and a 1-year high of $29.98. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 3.62 and a beta of 1.83. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.19 and a current ratio of 0.19.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.10 annualized dividend and a dividend yield of 3.81%. This is a positive change from Tanger's previous quarterly dividend of $0.26. Tanger's dividend payout ratio (DPR) is presently 113.04%.

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.