Fisher Asset Management LLC Grows Holdings in Tanger Inc. (NYSE:SKT)

Fisher Asset Management LLC increased its position in shares of Tanger Inc. (NYSE:SKT) by 1.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 511,051 shares of the real estate investment trust’s stock after buying an additional 7,998 shares during the period. Fisher Asset Management LLC’s holdings in Tanger were worth $17,442,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its stake in Tanger by 32.2% during the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after buying an additional 1,832,261 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.1% during the 3rd 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 buying an additional 21,793 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Tanger by 387.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock worth $25,728,000 after buying an additional 616,417 shares during the period. Principal Financial Group Inc. increased its stake in Tanger by 5.4% during the 4th quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust’s stock worth $20,521,000 after buying an additional 30,618 shares during the period. Finally, JPMorgan Chase & Co. increased its stake 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 worth $14,762,000 after buying an additional 9,701 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Shares of NYSE:SKT opened at $35.56 on Tuesday. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The firm has a 50-day simple moving average of $33.84 and a 200 day simple moving average of $33.59. The company has a market cap of $4.01 billion, a PE ratio of 40.87, a P/E/G ratio of 2.97 and a beta of 1.91.

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

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Friday, January 31st. Tanger’s dividend payout ratio is presently 126.44%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SKT. Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. The Goldman Sachs Group boosted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Citigroup boosted their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Tanger has an average rating of “Hold” and an average target price 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.