Fmr LLC Raises Stock Holdings in Tanger Inc. (NYSE:SKT)

Fmr LLC raised its holdings in Tanger Inc. (NYSE:SKT) by 32.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,523,354 shares of the real estate investment trust’s stock after purchasing an additional 1,832,261 shares during the period. Fmr LLC owned about 6.80% of Tanger worth $249,625,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares in the last quarter. Blue Trust Inc. grew its position in shares of 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 purchasing an additional 819 shares during the period. KBC Group NV grew its position in shares of Tanger by 31.5% in the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the period. Arizona State Retirement System increased its stake in shares of Tanger by 3.0% during the second quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock worth $827,000 after purchasing an additional 897 shares in the last quarter. Finally, Inspire Investing LLC raised its position in shares of Tanger by 7.7% during the 2nd quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 931 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SKT shares. Compass Point lifted their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America raised 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 research note on Monday, November 11th. The Goldman Sachs Group lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Insiders Place Their Bets

In other Tanger 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 transaction, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.80% of the stock is owned by insiders.

Tanger Stock Down 0.4 %

NYSE SKT opened at $36.97 on Monday. The business’s fifty day simple moving average is $34.46 and its 200-day simple moving average is $30.44. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The firm has a market cap of $4.09 billion, a PE ratio of 42.99, a P/E/G ratio of 2.89 and a beta of 1.88. Tanger Inc. has a 52 week low of $24.72 and a 52 week high of $37.57.

Tanger (NYSE:SKT) last issued its earnings results 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). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same period last year, the firm earned $0.50 earnings per share. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.275 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 2.98%. Tanger’s payout ratio is 127.91%.

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.