JPMorgan Chase & Co. Has $14.76 Million Position in Tanger Inc. (NYSE:SKT)

JPMorgan Chase & Co. boosted its holdings in shares of Tanger Inc. (NYSE:SKT) by 2.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 444,901 shares of the real estate investment trust’s stock after acquiring an additional 9,701 shares during the period. JPMorgan Chase & Co.’s holdings in Tanger were worth $14,762,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SKT. FMR LLC boosted 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 purchasing an additional 1,832,261 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tanger by 387.7% during the 3rd 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 worth $25,728,000 after buying an additional 616,417 shares during the period. Land & Buildings Investment Management LLC increased its stake in shares of Tanger by 52.4% in the 2nd 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 acquiring an additional 358,860 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Tanger in the 2nd quarter valued at approximately $4,539,000. Finally, Algert Global LLC boosted its stake in Tanger by 183.7% during the 3rd quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock worth $8,083,000 after acquiring an additional 157,742 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Insider Transactions at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SKT shares. The Goldman Sachs Group upped their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective on the stock. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Compass Point raised their price target on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four 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 stock currently has a consensus rating of “Hold” and an average price target of $36.00.

Tanger Stock Performance

SKT opened at $32.59 on Friday. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 37.90, a P/E/G ratio of 2.78 and a beta of 1.92. The business’s 50-day moving average price is $35.21 and its two-hundred day moving average price is $31.91. Tanger Inc. has a 1 year low of $25.67 and a 1 year high of $37.57. 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 earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (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 firm had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same period in the prior year, the business posted $0.50 EPS. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts expect that Tanger Inc. will post 2.11 EPS for the current fiscal year.

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.