BNP Paribas Financial Markets Has $2.33 Million Holdings in Tanger Inc. (NYSE:SKT)

BNP Paribas Financial Markets increased its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 20.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,197 shares of the real estate investment trust's stock after purchasing an additional 11,552 shares during the period. BNP Paribas Financial Markets owned approximately 0.06% of Tanger worth $2,328,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after purchasing an additional 1,873,835 shares during the period. Wellington Management Group LLP grew its position in Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock valued at $93,805,000 after acquiring an additional 697,291 shares during the period. Charles Schwab Investment Management Inc. grew its position 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 acquiring an additional 31,750 shares during the period. Northern Trust Corp raised its stake in Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after acquiring an additional 655,237 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of 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 during the period. Institutional investors and hedge funds own 85.23% of the company's stock.

Wall Street Analyst Weigh In

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 report on Friday, March 28th. BMO Capital Markets initiated coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price objective for the company. Scotiabank cut their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Finally, Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Tanger presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Tanger Price Performance

Shares of NYSE SKT traded down $0.60 during trading on Tuesday, reaching $30.49. The company had a trading volume of 764,668 shares, compared to its average volume of 798,551. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The stock has a market cap of $3.45 billion, a PE ratio of 35.05, a PEG ratio of 2.97 and a beta of 1.18. The business's 50 day moving average price is $31.61 and its 200-day moving average price is $33.55. Tanger Inc. has a 52 week low of $25.94 and a 52 week 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 earnings per share for the quarter, hitting the consensus estimate of $0.53. The firm had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 EPS. Analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a $0.2925 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.84%. Tanger's dividend payout ratio (DPR) is presently 139.29%.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 5.70% of the company's stock.

About Tanger

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.