Tanger Inc. (NYSE:SKT) Stock Holdings Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its stake in Tanger Inc. (NYSE:SKT) by 4.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 570,648 shares of the real estate investment trust’s stock after selling 25,592 shares during the quarter. Principal Financial Group Inc.’s holdings in Tanger were worth $18,934,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Van ECK Associates Corp grew its holdings in shares of Tanger by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 18,297 shares of the real estate investment trust’s stock valued at $624,000 after acquiring an additional 2,008 shares in the last quarter. abrdn plc grew its stake in Tanger by 10.0% in the third quarter. abrdn plc now owns 22,327 shares of the real estate investment trust’s stock valued at $741,000 after purchasing an additional 2,026 shares in the last quarter. Vanderbilt University acquired a new position in Tanger in the 3rd quarter worth about $490,000. Custom Index Systems LLC purchased a new stake in shares of Tanger during the 3rd quarter worth about $201,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tanger by 35.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after buying an additional 1,107 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SKT shares. Compass Point raised their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Scotiabank lifted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Citigroup upped their price objective on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $40.00 in a report on Monday. Finally, Evercore ISI upped their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.83.

Tanger Stock Up 0.3 %

Tanger stock opened at $35.73 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a fifty-two week low of $24.72 and a fifty-two week high of $36.46. The firm has a fifty day moving average price of $33.21 and a two-hundred day moving average price of $29.70. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of 41.55, a P/E/G ratio of 2.82 and a beta of 1.88.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The business had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 EPS. As a group, analysts forecast 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 paid a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.08%. Tanger’s payout ratio is 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.