Tanger Inc. (NYSE:SKT) Shares Acquired by NewEdge Advisors LLC

NewEdge Advisors LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT) by 48.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,769 shares of the real estate investment trust’s stock after acquiring an additional 24,724 shares during the quarter. NewEdge Advisors LLC’s holdings in Tanger were worth $2,054,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of SKT. GRS Advisors LLC grew its stake in Tanger by 136.7% during the 4th quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock worth $37,010,000 after purchasing an additional 771,066 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after buying an additional 608,547 shares in the last quarter. Land & Buildings Investment Management LLC increased its stake in shares of Tanger by 52.4% during the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares during the period. BROOKFIELD Corp ON acquired a new stake in Tanger in the first quarter valued at approximately $10,441,000. Finally, Burney Co. purchased a new position in Tanger in the first quarter worth approximately $7,158,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on SKT shares. Scotiabank increased their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI increased their target price on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Compass Point raised their price target on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.33.

Tanger Price Performance

Shares of NYSE:SKT opened at $33.43 on Friday. Tanger Inc. has a 12 month low of $21.42 and a 12 month high of $33.43. The firm has a market capitalization of $3.66 billion, a P/E ratio of 36.73, a P/E/G ratio of 3.35 and a beta of 1.89. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The company’s fifty day moving average price is $30.19 and its 200 day moving average price is $28.51.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date was Wednesday, July 31st. Tanger’s dividend payout ratio (DPR) is currently 120.88%.

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.