Quest Partners LLC Has $1.09 Million Stock Holdings in Tanger Inc. (NYSE:SKT)

Quest Partners LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT) by 6.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,891 shares of the real estate investment trust’s stock after purchasing an additional 2,111 shares during the period. Quest Partners LLC’s holdings in Tanger were worth $1,091,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after buying an additional 608,547 shares during the period. Land & Buildings Investment Management LLC lifted its stake in 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 worth $28,284,000 after acquiring an additional 358,860 shares in the last quarter. BROOKFIELD Corp ON purchased a new stake in Tanger in the 1st quarter worth about $10,441,000. Burney Co. purchased a new stake in Tanger in the 1st quarter worth about $7,158,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Tanger in the 2nd quarter worth about $4,539,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Performance

Shares of NYSE SKT opened at $36.42 on Thursday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 42.35, a P/E/G ratio of 2.80 and a beta of 1.88. The business’s 50-day simple moving average is $33.73 and its 200-day simple moving average is $29.99. Tanger Inc. has a 52 week low of $24.72 and a 52 week high of $36.53.

Tanger (NYSE:SKT) last issued 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). The company had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 EPS. As a group, equities research analysts expect that Tanger Inc. will post 2.11 earnings per share 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 given a $0.275 dividend. 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 3.02%. Tanger’s dividend payout ratio is currently 127.91%.

Insiders Place Their Bets

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on SKT shares. The Goldman Sachs Group upped their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. 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. Citigroup upped their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Bank of America raised 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 report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have assigned 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 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.