First Trust Advisors LP Buys 25,533 Shares of Tanger Inc. (NYSE:SKT)

First Trust Advisors LP increased its position in Tanger Inc. (NYSE:SKT - Free Report) by 36.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 95,224 shares of the real estate investment trust's stock after acquiring an additional 25,533 shares during the period. First Trust Advisors LP owned approximately 0.09% of Tanger worth $3,250,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SKT. Rhumbline Advisers grew 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 in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Tanger in the 4th quarter worth $4,972,000. Asset Management One Co. Ltd. lifted its holdings in shares of Tanger by 4.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock valued at $5,560,000 after buying an additional 7,647 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 worth $68,161,000 after acquiring an additional 31,750 shares during the period. Finally, Norges Bank bought a new stake in Tanger in the fourth quarter worth about $22,239,000. 85.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SKT. Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and increased 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 Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

Tanger Stock Up 0.4 %

Shares of NYSE SKT traded up $0.13 during mid-day trading on Wednesday, reaching $29.81. The company had a trading volume of 1,083,905 shares, compared to its average volume of 790,990. 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 company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 2.97 and a beta of 1.18. The stock has a fifty day moving average of $32.24 and a two-hundred day moving average of $33.75. 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 released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting analysts' consensus estimates of $0.53. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business 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 firm earned $0.52 EPS. Tanger's revenue for the quarter was up 9.7% on a year-over-year basis. As a group, equities research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be paid a $0.2925 dividend. The ex-dividend date is Wednesday, April 30th. 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 3.92%. Tanger's dividend payout ratio (DPR) is presently 139.29%.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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.