DAVENPORT & Co LLC Boosts Position in Tanger Inc. (NYSE:SKT)

DAVENPORT & Co LLC raised its holdings in shares of Tanger Inc. (NYSE:SKT) by 1.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 31,462 shares of the real estate investment trust’s stock after buying an additional 425 shares during the quarter. DAVENPORT & Co LLC’s holdings in Tanger were worth $1,074,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after purchasing an additional 514 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock worth $175,000 after purchasing an additional 583 shares during the period. KBC Group NV raised its stake in shares of Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 795 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tanger by 35.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after buying an additional 1,107 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Tanger by 0.7% in the third quarter. Public Employees Retirement System of Ohio now owns 157,260 shares of the real estate investment trust’s stock worth $5,218,000 after buying an additional 1,155 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Stock Performance

SKT opened at $34.04 on Friday. The firm’s fifty day simple moving average is $34.25 and its two-hundred day simple moving average is $32.76. Tanger Inc. has a 52-week low of $25.85 and a 52-week high of $37.57. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 39.58, a PEG ratio of 2.72 and a beta of 1.91. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share 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 during the quarter, compared to analysts’ expectations of $125.80 million. During the same period in the prior year, the business posted $0.50 earnings per share. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.23%. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Insider Transactions at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction 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 legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SKT. Evercore ISI lifted their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. BMO Capital Markets assumed coverage on shares of Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. Compass Point increased their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Tanger has a consensus rating of “Hold” and a consensus target price of $36.00.

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.