Algert Global LLC Boosts Stock Position in Tanger Inc. (NYSE:SKT)

Algert Global LLC grew its stake in shares of Tanger Inc. (NYSE:SKT) by 183.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 243,623 shares of the real estate investment trust’s stock after acquiring an additional 157,742 shares during the period. Algert Global LLC owned 0.22% of Tanger worth $8,083,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Tanger by 44.6% in 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 in the last quarter. EMC Capital Management raised its position in shares of Tanger by 5.1% in the first quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $422,000 after buying an additional 697 shares in the last quarter. American International Group Inc. raised its position in shares of Tanger by 1.5% in the first quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock worth $1,671,000 after buying an additional 813 shares in the last quarter. Blue Trust Inc. raised 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 worth $26,000 after buying an additional 819 shares in the last quarter. Finally, KBC Group NV raised 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 worth $122,000 after buying an additional 881 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Down 0.5 %

Shares of NYSE:SKT opened at $36.49 on Friday. The stock’s 50-day moving average price is $33.93 and its 200-day moving average price is $30.10. Tanger Inc. has a 12-month low of $24.72 and a 12-month high of $37.01. The stock has a market capitalization of $4.04 billion, a P/E ratio of 42.44, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $125.80 million. During the same period last year, the business posted $0.50 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.275 per share. 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 3.01%. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SKT shares. Compass Point increased their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. The Goldman Sachs Group increased their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Evercore ISI increased their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Scotiabank increased their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Bank of America raised Tanger from a “neutral” rating to a “buy” rating and increased their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Insider Activity

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the 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 completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.80% of the company’s stock.

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.