Franklin Resources Inc. Buys 2,169 Shares of Tanger Inc. (NYSE:SKT)

Franklin Resources Inc. raised its stake in Tanger Inc. (NYSE:SKT) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 95,286 shares of the real estate investment trust’s stock after acquiring an additional 2,169 shares during the period. Franklin Resources Inc. owned approximately 0.09% of Tanger worth $3,205,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SKT. HHM Wealth Advisors LLC bought a new stake in shares of Tanger in the second quarter worth about $27,000. Whittier Trust Co. purchased a new position in Tanger during the 2nd quarter valued at approximately $33,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Tanger in the 2nd quarter worth approximately $49,000. Loomis Sayles & Co. L P raised its holdings in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 1,663 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 790 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insider Activity at Tanger

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

Tanger Stock Up 0.4 %

Shares of NYSE SKT opened at $34.21 on Thursday. Tanger Inc. has a 1 year low of $25.67 and a 1 year high of $37.57. The firm has a 50-day simple moving average of $35.27 and a two-hundred day simple moving average of $31.41. The company has a market cap of $3.79 billion, a P/E ratio of 39.78, a PEG ratio of 2.78 and a beta of 1.90. 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 (NYSE:SKT) last issued 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). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same period in the prior year, the business posted $0.50 earnings per share. Tanger’s revenue was up 13.3% on a year-over-year basis. Research analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.22%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is presently 127.91%.

Wall Street Analysts Forecast Growth

SKT has been the topic of several research reports. Compass Point boosted their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Evercore ISI boosted their target price 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. Citigroup lifted their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, 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 research report on Monday, November 11th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $36.00.

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.