Handelsbanken Fonder AB Boosts Stock Position in Tanger Inc. (NYSE:SKT)

Handelsbanken Fonder AB lifted its position in shares of Tanger Inc. (NYSE:SKT) by 28.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,753 shares of the real estate investment trust’s stock after buying an additional 7,000 shares during the period. Handelsbanken Fonder AB’s holdings in Tanger were worth $1,054,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Tanger during the second quarter valued at approximately $49,000. Dana Investment Advisors Inc. grew its holdings in shares of Tanger by 9.1% during the 2nd quarter. Dana Investment Advisors Inc. now owns 67,102 shares of the real estate investment trust’s stock valued at $1,819,000 after purchasing an additional 5,583 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Tanger in the 2nd quarter worth $3,462,000. NewEdge Advisors LLC lifted its stake in Tanger by 48.4% in the second quarter. NewEdge Advisors LLC now owns 75,769 shares of the real estate investment trust’s stock worth $2,054,000 after purchasing an additional 24,724 shares during the last quarter. Finally, Algert Global LLC lifted its stake in Tanger by 256.6% in the second quarter. Algert Global LLC now owns 85,881 shares of the real estate investment trust’s stock worth $2,328,000 after purchasing an additional 61,801 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

SKT opened at $33.63 on Friday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $3.68 billion, a PE ratio of 36.96, a price-to-earnings-growth ratio of 3.42 and a beta of 1.89. The stock’s 50 day moving average price is $30.68 and its 200-day moving average price is $28.67. Tanger Inc. has a 52-week low of $21.42 and a 52-week high of $34.13.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Thursday, October 31st. Tanger’s payout ratio is currently 120.88%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Bank of America lifted their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday. Evercore ISI boosted their price objective on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Compass Point raised their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Scotiabank upped their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.00.

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.