Exchange Traded Concepts LLC Acquires New Holdings in Tanger Inc. (NYSE:SKT)

Exchange Traded Concepts LLC bought a new position in shares of Tanger Inc. (NYSE:SKT) during the third quarter, Holdings Channel reports. The fund bought 4,548 shares of the real estate investment trust’s stock, valued at approximately $151,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 819 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Tanger in the 2nd quarter valued at $27,000. Whittier Trust Co. acquired a new stake in shares of Tanger during the second quarter worth $33,000. GAMMA Investing LLC raised its stake in Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the last quarter. Finally, CWM LLC lifted its holdings in Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,398 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SKT. Bank of America boosted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Compass Point increased their price target on Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Scotiabank boosted their target price 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. Finally, Evercore ISI raised their price target on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.00.

Tanger Trading Down 0.3 %

NYSE SKT opened at $34.05 on Wednesday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. Tanger Inc. has a 52 week low of $21.42 and a 52 week high of $34.81. The business has a 50 day moving average price of $31.64 and a 200-day moving average price of $28.94. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 37.83, a P/E/G ratio of 2.94 and a beta of 1.89.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.23%. Tanger’s dividend payout ratio (DPR) is presently 122.22%.

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.