Raymond James Financial Inc. Invests $4.97 Million in Tanger Inc. (NYSE:SKT)

Raymond James Financial Inc. purchased a new stake in shares of Tanger Inc. (NYSE:SKT) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 145,675 shares of the real estate investment trust’s stock, valued at approximately $4,972,000.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Tanger by 174.7% in the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock worth $7,973,000 after buying an additional 152,796 shares during the period. Franklin Resources Inc. grew its stake in shares of Tanger by 2.3% in the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock worth $3,205,000 after buying an additional 2,169 shares during the last quarter. JPMorgan Chase & Co. increased its position in Tanger by 2.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust’s stock valued at $14,762,000 after buying an additional 9,701 shares in the last quarter. GAMMA Investing LLC raised its stake in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after buying an additional 514 shares during the last quarter. Finally, Burney Co. boosted its holdings in Tanger by 1.8% in the fourth quarter. Burney Co. now owns 255,983 shares of the real estate investment trust’s stock worth $8,737,000 after acquiring an additional 4,502 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 0.6 %

Shares of Tanger stock opened at $32.08 on Friday. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company’s 50 day moving average is $32.94 and its 200 day moving average is $33.92. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 36.87, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to analysts’ expectations of $129.10 million. Research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. The ex-dividend date is Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.65%. This is a positive change from Tanger’s previous quarterly dividend of $0.28. Tanger’s dividend payout ratio is presently 134.48%.

Insider Transactions at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SKT has been the subject of several analyst reports. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and raised their price target for the company from $39.00 to $40.00 in a report on Friday, March 28th. Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday. Finally, BMO Capital Markets initiated coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.00.

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.