Future Financial Wealth Managment LLC Makes New Investment in Tanger Inc. (NYSE:SKT)

Future Financial Wealth Managment LLC purchased a new stake in shares of Tanger Inc. (NYSE:SKT) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 6,864 shares of the real estate investment trust’s stock, valued at approximately $228,000.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of Tanger by 62.0% in the third quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 790 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of Tanger by 28.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 31,753 shares of the real estate investment trust’s stock valued at $1,054,000 after buying an additional 7,000 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Tanger in the 2nd quarter worth $49,000. Dana Investment Advisors Inc. increased its position in Tanger by 9.1% during the second quarter. Dana Investment Advisors Inc. now owns 67,102 shares of the real estate investment trust’s stock valued at $1,819,000 after acquiring an additional 5,583 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Tanger during the second quarter valued at $3,462,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Up 0.8 %

Shares of SKT stock opened at $33.50 on Wednesday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a fifty day simple moving average of $30.37 and a two-hundred day simple moving average of $28.57. The firm has a market capitalization of $3.66 billion, a PE ratio of 36.81, a PEG ratio of 3.32 and a beta of 1.89. Tanger Inc. has a 52-week low of $21.42 and a 52-week high of $33.63.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.28%. The ex-dividend date was Wednesday, July 31st. Tanger’s dividend payout ratio (DPR) is presently 120.88%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SKT. Compass Point upped their price target on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Evercore ISI upped their target price on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $31.33.

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.