Tanger Inc. (NYSE:SKT) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in Tanger Inc. (NYSE:SKT) by 12.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 18,297 shares of the real estate investment trust’s stock after purchasing an additional 2,008 shares during the period. Van ECK Associates Corp’s holdings in Tanger were worth $624,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in shares of Tanger by 9.0% during the 1st quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock worth $2,150,000 after acquiring an additional 6,016 shares during the period. Texas Permanent School Fund Corp raised its stake in Tanger by 3.6% during the first quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock worth $2,783,000 after purchasing an additional 3,272 shares during the period. Swiss National Bank boosted its holdings in Tanger by 2.5% in the 1st quarter. Swiss National Bank now owns 212,500 shares of the real estate investment trust’s stock valued at $6,275,000 after purchasing an additional 5,200 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Tanger by 9.9% in the 1st quarter. ProShare Advisors LLC now owns 21,166 shares of the real estate investment trust’s stock valued at $625,000 after buying an additional 1,905 shares during the period. Finally, SageView Advisory Group LLC purchased a new stake in shares of Tanger in the 1st quarter valued at approximately $145,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on SKT shares. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $40.00 in a report on Monday. Compass Point upped their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Scotiabank increased their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $33.50.

Tanger Price Performance

SKT opened at $35.94 on Wednesday. The stock’s 50-day moving average price is $33.11 and its 200 day moving average price is $29.66. Tanger Inc. has a 12-month low of $24.25 and a 12-month high of $36.46. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 41.79, a PEG ratio of 3.01 and a beta of 1.88. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. During the same period in the previous year, the business posted $0.50 EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, sell-side analysts expect that Tanger Inc. will post 2.1 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend yield of 3.06%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

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.