Rhumbline Advisers Purchases 12,336 Shares of Tanger Inc. (NYSE:SKT)

Rhumbline Advisers boosted its position in shares of Tanger Inc. (NYSE:SKT) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 403,008 shares of the real estate investment trust’s stock after purchasing an additional 12,336 shares during the period. Rhumbline Advisers owned about 0.37% of Tanger worth $10,926,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SKT. GRS Advisors LLC grew its stake in shares of Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after buying an additional 771,066 shares during the last quarter. Norges Bank purchased a new position in Tanger during the 4th quarter valued at $19,141,000. Vanguard Group Inc. grew its position in Tanger by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after acquiring an additional 608,547 shares during the last quarter. BROOKFIELD Corp ON bought a new position in shares of Tanger in the first quarter worth about $10,441,000. Finally, Burney Co. purchased a new position in shares of Tanger during the first quarter worth approximately $7,158,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Stock Up 0.9 %

Tanger stock opened at $30.91 on Thursday. Tanger Inc. has a 52 week low of $21.42 and a 52 week high of $31.38. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 33.97, a price-to-earnings-growth ratio of 3.17 and a beta of 1.89. The business’s 50-day moving average price is $28.48 and its 200 day moving average price is $28.09. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s dividend payout ratio (DPR) is presently 120.88%.

Wall Street Analyst Weigh In

SKT has been the topic of several research reports. Scotiabank raised their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Compass Point increased their price objective on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Evercore ISI boosted their target price on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $31.00.

Tanger 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.