Inspire Investing LLC Buys 931 Shares of Tanger Inc. (NYSE:SKT)

Inspire Investing LLC raised its stake in shares of Tanger Inc. (NYSE:SKT) by 7.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,034 shares of the real estate investment trust’s stock after buying an additional 931 shares during the quarter. Inspire Investing LLC’s holdings in Tanger were worth $353,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of SKT. XTX Topco Ltd acquired a new position in Tanger during the second quarter valued at approximately $204,000. First Eagle Investment Management LLC boosted its position in shares of Tanger by 3.5% during the second quarter. First Eagle Investment Management LLC now owns 116,604 shares of the real estate investment trust’s stock worth $3,161,000 after purchasing an additional 3,900 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Tanger by 10.7% in the 2nd quarter. Hsbc Holdings PLC now owns 102,547 shares of the real estate investment trust’s stock valued at $2,774,000 after buying an additional 9,925 shares during the period. Beck Bode LLC increased its position in shares of Tanger by 3.4% in the 2nd quarter. Beck Bode LLC now owns 70,762 shares of the real estate investment trust’s stock valued at $1,918,000 after buying an additional 2,330 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Tanger by 20.4% during the 2nd quarter. Renaissance Technologies LLC now owns 575,226 shares of the real estate investment trust’s stock worth $15,594,000 after buying an additional 97,400 shares during the period. 85.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Evercore ISI boosted their target price on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Compass Point increased their target price on Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, Scotiabank raised their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $31.33.

Tanger Price Performance

NYSE SKT opened at $31.91 on Monday. The firm’s 50 day moving average is $29.28 and its 200-day moving average is $28.23. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The company has a market capitalization of $3.49 billion, a PE ratio of 35.07, a price-to-earnings-growth ratio of 3.23 and a beta of 1.89. Tanger Inc. has a 12-month low of $21.42 and a 12-month high of $32.05.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.275 per share. The ex-dividend date was Wednesday, July 31st. This represents a $1.10 annualized dividend and a yield of 3.45%. Tanger’s dividend payout ratio (DPR) is presently 120.88%.

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.