Northern Trust Corp Increases Stock Position in Tanger Inc. (NYSE:SKT)

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

Other large investors have also modified their holdings of the company. FMR LLC grew its stake in shares of 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 purchasing an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Tanger by 34.0% during 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 buying an additional 697,291 shares during the last quarter. Norges Bank acquired a new position in shares of Tanger during the 4th quarter worth about $22,239,000. APG Asset Management US Inc. purchased a new position in shares of Tanger in the 4th quarter valued at about $20,955,000. Finally, JPMorgan Chase & Co. raised its position in shares of Tanger by 46.1% during 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 in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. BMO Capital Markets started coverage on shares of Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price objective on the stock. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $39.00 to $40.00 in a report on Friday, March 28th. 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 report on Wednesday, April 23rd. Finally, Evercore ISI raised Tanger to a "hold" rating in a research report on Friday, May 2nd. 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 stock presently has an average rating of "Moderate Buy" and an average price target of $37.00.

Tanger Stock Performance

Shares of SKT stock traded up $0.29 during mid-day trading on Friday, hitting $30.15. The stock had a trading volume of 609,776 shares, compared to its average volume of 790,723. The firm has a market cap of $3.41 billion, a PE ratio of 34.66, a PEG ratio of 2.97 and a beta of 1.18. The company's 50-day simple moving average is $31.92 and its 200-day simple moving average is $33.67. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two 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, meeting analysts' consensus estimates of $0.53. The company had revenue of $129.29 million for 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%. The firm's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. Sell-side analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio (DPR) is currently 139.29%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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.