Zurcher Kantonalbank Zurich Cantonalbank Raises Position in Tanger Inc. (NYSE:SKT)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Tanger Inc. (NYSE:SKT) by 60.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 72,916 shares of the real estate investment trust’s stock after buying an additional 27,583 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tanger were worth $2,489,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SKT. FMR LLC grew its stake in Tanger by 32.2% in the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after buying an additional 1,832,261 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tanger by 387.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock valued at $25,728,000 after buying an additional 616,417 shares in the last quarter. Algert Global LLC grew its stake in Tanger by 183.7% in the 3rd quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock valued at $8,083,000 after buying an additional 157,742 shares in the last quarter. Barclays PLC grew its stake in Tanger by 174.7% in the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after buying an additional 152,796 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Tanger in the 4th quarter valued at approximately $4,972,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Up 0.5 %

SKT opened at $31.90 on Monday. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57. The company has a fifty day moving average price of $33.72 and a 200-day moving average price of $33.90. The firm has a market capitalization of $3.60 billion, a P/E ratio of 36.67, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) 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 company had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Equities research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.45%. Tanger’s dividend payout ratio (DPR) is presently 126.44%.

Wall Street Analysts Forecast Growth

SKT has been the subject of a number of recent research reports. BMO Capital Markets started coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. 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. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tanger has an average rating of “Hold” and a consensus target price of $36.00.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.80% of the stock is owned by company insiders.

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.