Renaissance Technologies LLC raised its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 5.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 818,672 shares of the real estate investment trust's stock after acquiring an additional 44,265 shares during the quarter. Renaissance Technologies LLC owned approximately 0.74% of Tanger worth $27,941,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC raised its stake in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after buying an additional 1,873,835 shares during the period. Wellington Management Group LLP increased its position in Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after purchasing an additional 697,291 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock valued at $68,161,000 after purchasing an additional 31,750 shares during the period. Invesco Ltd. grew its stake in Tanger by 9.5% during the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust's stock valued at $30,562,000 after acquiring an additional 78,014 shares in the last quarter. Finally, Norges Bank purchased a new stake in Tanger in the 4th quarter worth approximately $22,239,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.
Tanger Trading Up 1.8 %
Shares of NYSE:SKT traded up $0.58 during midday trading on Thursday, hitting $32.52. 134,589 shares of the stock traded hands, compared to its average volume of 763,590. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The business's 50 day moving average is $33.22 and its two-hundred day moving average is $33.98. The stock has a market capitalization of $3.68 billion, a PE ratio of 37.38, a P/E/G ratio of 2.97 and a beta of 1.49. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57.
Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.
Tanger Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.60%. Tanger's payout ratio is 134.48%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on SKT shares. BMO Capital Markets initiated coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price target on the stock. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and upped their target price for the stock from $39.00 to $40.00 in a research note 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.63.
Check Out Our Latest Research Report on SKT
Insider Activity at Tanger
In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is currently owned by insiders.
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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