Tanger Inc. (NYSE:SKT) Shares Acquired by Northern Trust Corp

Northern Trust Corp raised its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 56.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,817,052 shares of the real estate investment trust's stock after purchasing an additional 655,237 shares during the quarter. Northern Trust Corp owned approximately 1.64% of Tanger worth $62,016,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC increased its holdings 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 worth $320,726,000 after buying an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP lifted its stake in 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 purchasing an additional 697,291 shares during the last quarter. Norges Bank purchased a new position in shares of Tanger in the 4th quarter worth about $22,239,000. APG Asset Management US Inc. purchased a new position in shares of Tanger during the 4th quarter valued at about $20,955,000. Finally, JPMorgan Chase & Co. boosted 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 valued at $22,187,000 after purchasing an additional 205,159 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Price Performance

Tanger stock traded up $2.06 during midday trading on Monday, reaching $32.25. 213,427 shares of the stock traded hands, compared to its average volume of 790,023. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The stock's fifty day moving average is $31.92 and its 200-day moving average is $33.66. The stock has a market cap of $3.65 billion, a P/E ratio of 36.95, a PEG ratio of 2.97 and a beta of 1.18.

Tanger (NYSE:SKT - Get Free Report) last released 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. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. During the same quarter last year, the business earned $0.52 earnings per share. Tanger's quarterly revenue was up 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. This is a boost from Tanger's previous quarterly dividend of $0.28. 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 3.63%. Tanger's payout ratio is 139.29%.

Insider Activity

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction 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 sale, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 5.70% of the company's stock.

Analyst Upgrades and Downgrades

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

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.