State of Wyoming Raises Stake in Tanger Inc. (NYSE:SKT)

State of Wyoming boosted its position in Tanger Inc. (NYSE:SKT) by 74.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 25,421 shares of the real estate investment trust’s stock after buying an additional 10,887 shares during the quarter. State of Wyoming’s holdings in Tanger were worth $868,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SKT. Sherbrooke Park Advisers LLC purchased a new position in shares of Tanger during the 4th quarter valued at about $206,000. ProShare Advisors LLC lifted its stake in shares of Tanger by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 32,171 shares of the real estate investment trust’s stock worth $1,098,000 after purchasing an additional 9,901 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its position in Tanger by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 16,279 shares of the real estate investment trust’s stock valued at $554,000 after buying an additional 624 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Tanger by 78.6% in the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock valued at $58,525,000 after purchasing an additional 754,429 shares during the period. Finally, Millennium Management LLC grew its holdings in Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock worth $59,681,000 after acquiring an additional 8,590 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on SKT shares. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price on the stock. Scotiabank lowered their target price on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Finally, Evercore ISI upgraded Tanger to a “hold” rating in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.00.

Tanger Stock Performance

Shares of Tanger stock opened at $31.22 on Friday. The firm has a 50 day simple moving average of $31.64 and a 200 day simple moving average of $33.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The firm has a market cap of $3.53 billion, a P/E ratio of 35.89, a P/E/G ratio of 2.97 and a beta of 1.18.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The company had revenue of $129.29 million for the quarter, compared to analysts’ expectations of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Tanger’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 EPS. Sell-side analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This is an increase from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.75%. Tanger’s dividend payout ratio (DPR) is 139.29%.

Insider Activity at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is currently owned by insiders.

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.