State Street Corp Raises Stock Holdings in Tanger Inc. (NYSE:SKT)

State Street Corp increased its stake in shares of Tanger Inc. (NYSE:SKT) by 0.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,348,885 shares of the real estate investment trust’s stock after buying an additional 4,158 shares during the period. State Street Corp owned about 5.74% of Tanger worth $210,656,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SKT. Natixis Advisors LLC boosted its position in Tanger by 55.3% during the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after purchasing an additional 25,683 shares during the period. Charles Schwab Investment Management Inc. grew its position in Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after acquiring an additional 21,793 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Tanger by 13.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock valued at $10,536,000 after purchasing an additional 38,036 shares during the last quarter. Bailard Inc. grew its position in Tanger by 64.4% during the second quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust’s stock valued at $664,000 after acquiring an additional 9,600 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Tanger by 42.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock valued at $9,993,000 after purchasing an additional 109,388 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Insider Activity

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

SKT has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price target on Tanger from $31.00 to $35.00 and gave the stock 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 raised their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Evercore ISI lifted their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Scotiabank boosted their price objective on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Finally, Citigroup raised their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.86.

Tanger Price Performance

NYSE SKT opened at $35.51 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a 1-year low of $25.67 and a 1-year high of $37.57. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 41.29, a PEG ratio of 2.84 and a beta of 1.90. The business’s fifty day moving average price is $35.09 and its 200-day moving average price is $30.94.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. On average, equities analysts predict that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently declared 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. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio is presently 127.91%.

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.