Fmr LLC Boosts Stock Position in Tanger Inc. (NYSE:SKT)

Fmr LLC increased its position in shares of Tanger Inc. (NYSE:SKT) by 32.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,523,354 shares of the real estate investment trust’s stock after acquiring an additional 1,832,261 shares during the period. Fmr LLC owned about 0.07% of Tanger worth $249,625,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Natixis Advisors LLC lifted its position in shares of Tanger by 55.3% during the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after purchasing an additional 25,683 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after buying an additional 21,793 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Tanger by 13.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after buying an additional 38,036 shares in the last quarter. Bailard Inc. boosted its position in Tanger by 64.4% in the 2nd quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust’s stock valued at $664,000 after buying an additional 9,600 shares during the period. Finally, Thrivent Financial for Lutherans grew its stake in shares of Tanger by 42.2% in the second quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock worth $9,993,000 after acquiring an additional 109,388 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SKT shares. Citigroup lifted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Compass Point increased their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group lifted their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.86.

Insider Activity

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.80% of the company’s stock.

Tanger Stock Down 0.4 %

Shares of NYSE:SKT opened at $36.97 on Monday. The firm has a 50 day simple moving average of $34.46 and a 200-day simple moving average of $30.44. Tanger Inc. has a twelve month low of $24.72 and a twelve month high of $37.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $4.09 billion, a PE ratio of 42.99, a P/E/G ratio of 2.89 and a beta of 1.88.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $125.80 million. During the same quarter in the prior year, the company earned $0.50 EPS. The business’s revenue was up 13.3% on a year-over-year basis. On average, equities analysts predict that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

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.