Algert Global LLC Purchases 31,522 Shares of Tanger Inc. (NYSE:SKT)

Algert Global LLC raised its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 12.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 275,145 shares of the real estate investment trust's stock after buying an additional 31,522 shares during the quarter. Algert Global LLC owned about 0.25% of Tanger worth $9,391,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. FMR LLC boosted its holdings 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 acquiring an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Tanger by 34.0% in 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 during the period. Northern Trust Corp boosted its stake in shares of Tanger by 56.4% during the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock valued at $62,016,000 after purchasing an additional 655,237 shares in the last quarter. Norges Bank purchased a new position in shares of Tanger during the fourth quarter valued at about $22,239,000. Finally, APG Asset Management US Inc. bought a new position in Tanger in the fourth quarter worth about $20,955,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Stock Up 1.0 %

Shares of NYSE SKT traded up $0.29 during trading on Friday, reaching $30.15. The company had a trading volume of 609,776 shares, compared to its average volume of 792,010. The business's 50-day moving average is $31.92 and its 200 day moving average is $33.67. 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 stock has a market cap of $3.41 billion, a PE ratio of 34.66, a P/E/G ratio of 2.97 and a beta of 1.18. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57.

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, meeting the consensus estimate of $0.53. The company had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Tanger's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 EPS. As a group, equities analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a $0.2925 dividend. This is a positive change from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's payout ratio is presently 139.29%.

Insider Activity at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's 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 transaction, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on SKT. Scotiabank cut their price objective on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Evercore ISI raised Tanger to a "hold" rating in a research note on Friday, May 2nd. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, BMO Capital Markets began coverage on shares of Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

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.