Healthcare of Ontario Pension Plan Trust Fund Buys New Position in Tanger Inc. (NYSE:SKT)

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Tanger Inc. (NYSE:SKT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 35,000 shares of the real estate investment trust’s stock, valued at approximately $1,161,000.

Other large investors have also bought and sold shares of the company. FMR LLC raised its holdings in shares of Tanger by 32.2% in the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after purchasing an additional 1,832,261 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock valued at $65,210,000 after buying an additional 21,793 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Tanger by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after buying an additional 123,107 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Tanger by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock valued at $29,600,000 after acquiring an additional 55,794 shares during the period. Finally, Land & Buildings Investment Management LLC raised its stake in Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after acquiring an additional 358,860 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

Tanger stock opened at $36.96 on Tuesday. The stock’s 50 day moving average is $34.55 and its 200 day moving average is $30.50. The company has a market capitalization of $4.09 billion, a P/E ratio of 42.98, a PEG ratio of 2.89 and a beta of 1.88. Tanger Inc. has a twelve month low of $25.67 and a twelve month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 EPS. On average, equities research analysts predict that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Thursday, October 31st. Tanger’s payout ratio is 127.91%.

Insider Activity at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Evercore ISI raised their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Compass Point lifted their price objective on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup raised their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upped their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.86.

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.