Proficio Capital Partners LLC Makes New Investment in Tanger Inc. (NYSE:SKT)

Proficio Capital Partners LLC purchased a new stake in Tanger Inc. (NYSE:SKT) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 60,478 shares of the real estate investment trust’s stock, valued at approximately $2,064,000.

Other institutional investors also recently made changes to their positions in the company. Illinois Municipal Retirement Fund boosted its holdings in Tanger by 8.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 60,453 shares of the real estate investment trust’s stock valued at $2,063,000 after acquiring an additional 4,590 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Tanger in the fourth quarter valued at approximately $709,000. Investment Management Associates Inc. ADV raised its stake in shares of Tanger by 17.3% in the 4th quarter. Investment Management Associates Inc. ADV now owns 10,185 shares of the real estate investment trust’s stock valued at $348,000 after acquiring an additional 1,500 shares during the period. Handelsbanken Fonder AB boosted its position in shares of Tanger by 11.3% in the fourth quarter. Handelsbanken Fonder AB now owns 35,353 shares of the real estate investment trust’s stock worth $1,207,000 after buying an additional 3,600 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in shares of Tanger during the fourth quarter valued at approximately $200,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Stock Up 1.8 %

Shares of NYSE:SKT opened at $35.60 on Thursday. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The company’s fifty day moving average is $33.89 and its two-hundred day moving average is $33.69. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 40.92, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Equities analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.09%. Tanger’s dividend payout ratio is currently 126.44%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SKT. Citigroup lifted their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI upped their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, BMO Capital Markets began coverage on shares of Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.