Tanger Inc. (NYSE:SKT) Shares Acquired by Algert Global LLC

Algert Global LLC lifted its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 12.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 275,145 shares of the real estate investment trust's stock after acquiring an additional 31,522 shares during the quarter. Algert Global LLC owned about 0.25% of Tanger worth $9,391,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of SKT. Rhumbline Advisers boosted its position in Tanger by 2.6% in the 4th quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after buying an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Tanger by 4.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock worth $5,560,000 after acquiring an additional 7,647 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Tanger in the 4th quarter worth approximately $4,972,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tanger by 1.6% during 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 acquiring an additional 31,750 shares during the period. Finally, Norges Bank bought a new position in Tanger in the 4th quarter worth about $22,239,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Performance

Shares of SKT opened at $29.85 on Monday. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 34.31, a price-to-earnings-growth 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 company's fifty day moving average is $32.47 and its 200-day moving average is $33.82. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. During the same quarter last year, the company posted $0.52 earnings per share. The company's revenue for the quarter was up 9.7% compared to the same quarter last year. Equities analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The business 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 $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.92%. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is currently 139.29%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. BMO Capital Markets began coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, Scotiabank decreased their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Tanger presently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

Insider Activity at Tanger

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 directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.70% of the company's stock.

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.

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