Tanger Inc. (NYSE:SKT) Stake Boosted by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its stake in shares of Tanger Inc. (NYSE:SKT) by 2.5% in the 3rd quarter, Holdings Channel reports. The firm owned 354,990 shares of the real estate investment trust’s stock after acquiring an additional 8,808 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Tanger were worth $11,779,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in SKT. Land & Buildings Investment Management LLC grew its holdings 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 valued at $28,284,000 after purchasing an additional 358,860 shares during the last quarter. Burney Co. acquired a new position in shares of Tanger during the first quarter worth approximately $7,158,000. Cubist Systematic Strategies LLC acquired a new position in shares of Tanger during the second quarter worth approximately $4,539,000. Point72 Asset Management L.P. acquired a new position in shares of Tanger during the second quarter worth approximately $3,462,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Tanger by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after buying an additional 123,107 shares during the period. 85.23% of the stock is owned by institutional investors.

Tanger Stock Performance

SKT opened at $36.87 on Wednesday. Tanger Inc. has a 1-year low of $24.72 and a 1-year high of $37.01. The business has a 50 day moving average price of $34.02 and a two-hundred day moving average price of $30.19. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 42.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. During the same quarter last year, the company posted $0.50 EPS. Tanger’s revenue was up 13.3% on a year-over-year basis. Research analysts predict that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.98%. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Insider Activity

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. The Goldman Sachs Group boosted their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Evercore ISI boosted their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Compass Point boosted their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Scotiabank upped their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.86.

Tanger 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.