Entropy Technologies LP Buys 11,580 Shares of Tanger Inc. (NYSE:SKT)

Entropy Technologies LP boosted its stake in shares of Tanger Inc. (NYSE:SKT) by 181.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,966 shares of the real estate investment trust’s stock after purchasing an additional 11,580 shares during the period. Entropy Technologies LP’s holdings in Tanger were worth $613,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. raised its stake in Tanger by 74.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 206,704 shares of the real estate investment trust’s stock valued at $7,055,000 after buying an additional 88,106 shares during the last quarter. State of Alaska Department of Revenue increased its position in Tanger by 0.8% during the fourth quarter. State of Alaska Department of Revenue now owns 113,812 shares of the real estate investment trust’s stock valued at $3,883,000 after acquiring an additional 929 shares during the last quarter. Vanderbilt University lifted its holdings in Tanger by 37.9% in the fourth quarter. Vanderbilt University now owns 20,360 shares of the real estate investment trust’s stock valued at $695,000 after acquiring an additional 5,599 shares during the period. abrdn plc lifted its holdings in Tanger by 59.0% in the fourth quarter. abrdn plc now owns 35,492 shares of the real estate investment trust’s stock valued at $1,203,000 after acquiring an additional 13,165 shares during the period. Finally, DAVENPORT & Co LLC boosted its position in Tanger by 1.4% in the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after purchasing an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

NYSE:SKT opened at $33.23 on Wednesday. The stock has a 50-day moving average price of $33.97 and a 200 day moving average price of $32.94. The stock has a market capitalization of $3.68 billion, a P/E ratio of 38.63, a P/E/G ratio of 2.82 and a beta of 1.91. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, January 31st. Tanger’s payout ratio is currently 127.91%.

Insider Transactions at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Evercore ISI upped their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target on the stock. BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective for the company. The Goldman Sachs Group raised their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Finally, Citigroup boosted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $36.00.

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.