First Trust Advisors LP Has $3.25 Million Stake in Tanger Inc. (NYSE:SKT)

First Trust Advisors LP grew its position in Tanger Inc. (NYSE:SKT - Free Report) by 36.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,224 shares of the real estate investment trust's stock after buying an additional 25,533 shares during the quarter. First Trust Advisors LP owned 0.09% of Tanger worth $3,250,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. FMR LLC grew its holdings in shares of 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 purchasing an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after buying an additional 697,291 shares during the period. Norges Bank purchased a new position in shares of Tanger in the 4th quarter valued at approximately $22,239,000. APG Asset Management US Inc. purchased a new position in Tanger in the 4th quarter valued at $20,955,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Tanger by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock worth $22,187,000 after acquiring an additional 205,159 shares during the period. Institutional investors and hedge funds own 85.23% of the company's stock.

Analysts Set New Price Targets

SKT has been the subject of several recent analyst reports. Scotiabank reduced their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Evercore ISI raised shares of 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 boosted their price target for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $37.00.

Tanger Stock Performance

Shares of NYSE SKT traded up $0.13 during midday trading on Friday, reaching $29.99. 135,315 shares of the company traded hands, compared to its average volume of 788,205. Tanger Inc. has a 52 week low of $25.94 and a 52 week high of $37.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 34.47, a PEG ratio of 2.97 and a beta of 1.18. The stock has a 50-day moving average price of $32.02 and a 200 day moving average price of $33.70.

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. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Tanger's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the company posted $0.52 EPS. Sell-side analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The firm 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 of this dividend is Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.90%. This is a boost from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is presently 139.29%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's 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 completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.70% of the stock is owned by insiders.

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.