Raymond James Financial Inc. Takes $4.97 Million Position in Tanger Inc. (NYSE:SKT)

Raymond James Financial Inc. acquired a new position in shares of Tanger Inc. (NYSE:SKT) in the fourth quarter, Holdings Channel reports. The firm acquired 145,675 shares of the real estate investment trust’s stock, valued at approximately $4,972,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC grew its position 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 buying an additional 1,832,261 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Tanger by 387.7% in the third 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 acquiring an additional 616,417 shares in the last quarter. Barclays PLC grew its holdings in Tanger by 174.7% in the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock worth $7,973,000 after purchasing an additional 152,796 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Tanger by 74.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 206,704 shares of the real estate investment trust’s stock worth $7,055,000 after purchasing an additional 88,106 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Tanger during the 4th quarter valued at $2,064,000. Institutional investors own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

SKT has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. BMO Capital Markets initiated coverage on Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target on the stock. Five equities research 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, the company has a consensus rating of “Hold” and a consensus price target of $36.00.

Tanger Price Performance

NYSE SKT opened at $32.87 on Wednesday. The stock’s fifty day moving average price is $33.65 and its 200 day moving average price is $33.99. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 37.78, a PEG ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. As a group, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Friday, January 31st. Tanger’s dividend payout ratio is currently 126.44%.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.80% of the stock is currently owned by 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.