abrdn plc Raises Stock Position in Tanger Inc. (NYSE:SKT)

abrdn plc raised its holdings in Tanger Inc. (NYSE:SKT) by 59.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,492 shares of the real estate investment trust’s stock after purchasing an additional 13,165 shares during the quarter. abrdn plc’s holdings in Tanger were worth $1,203,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. DAVENPORT & Co LLC boosted its position in Tanger by 1.4% in the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after purchasing an additional 425 shares in the last quarter. EMC Capital Management boosted its holdings in Tanger by 8,550.9% during the fourth quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $487,000 after buying an additional 14,109 shares in the last quarter. Ibex Wealth Advisors acquired a new stake in Tanger during the fourth quarter valued at $733,000. KBC Group NV increased its holdings in Tanger by 21.6% in the fourth 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 in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in Tanger by 12.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after buying an additional 583 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were 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 of the company’s stock, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 5.80% of the company’s stock.

Tanger Price Performance

Shares of NYSE SKT opened at $33.11 on Tuesday. The stock has a market capitalization of $3.67 billion, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 2.82 and a beta of 1.91. Tanger Inc. has a 52 week low of $25.94 and a 52 week high of $37.57. The firm has a 50-day simple moving average of $34.04 and a 200-day simple moving average of $32.90. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Friday, January 31st. Tanger’s dividend payout ratio (DPR) is 127.91%.

Analysts Set New Price Targets

Several analysts have commented on SKT shares. Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price target 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. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. Compass Point boosted their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Citigroup raised their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.