Hsbc Holdings PLC Purchases 9,902 Shares of Tanger Inc. (NYSE:SKT)

Hsbc Holdings PLC lifted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 9.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,354 shares of the real estate investment trust's stock after acquiring an additional 9,902 shares during the period. Hsbc Holdings PLC owned approximately 0.10% of Tanger worth $3,798,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SKT. FMR LLC boosted its stake in Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after buying an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP boosted its holdings 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 acquiring an additional 697,291 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Tanger by 1.6% during the 4th 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 last quarter. Invesco Ltd. raised its position in Tanger by 9.5% in the 4th quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust's stock valued at $30,562,000 after purchasing an additional 78,014 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Tanger by 5.7% in the fourth quarter. Renaissance Technologies LLC now owns 818,672 shares of the real estate investment trust's stock valued at $27,941,000 after buying an additional 44,265 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on SKT shares. BMO Capital Markets started coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target on the stock. Scotiabank decreased their price objective 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. Finally, The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and lifted their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. 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.com, Tanger presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Insider Activity

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on 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 of the company's stock, 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 SEC, which is available through this hyperlink. Corporate insiders own 5.70% of the company's stock.

Tanger Stock Performance

SKT traded up $0.04 during trading on Monday, hitting $29.88. The stock had a trading volume of 239,514 shares, compared to its average volume of 916,953. 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 firm has a market cap of $3.38 billion, a price-to-earnings ratio of 34.34, a P/E/G ratio of 2.97 and a beta of 1.49. The company has a 50 day moving average price of $32.47 and a 200-day moving average price of $33.82. Tanger Inc. has a one year low of $25.94 and a one year 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. The company had revenue of $129.29 million during 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%. The firm's quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, research analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. The ex-dividend date is Wednesday, April 30th. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.92%. Tanger's dividend payout ratio is presently 139.29%.

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.