Tanger Inc. (NYSE:SKT) Short Interest Down 16.2% in February

Tanger Inc. (NYSE:SKT) was the target of a large decrease in short interest in the month of February. As of February 15th, there was short interest totalling 4,030,000 shares, a decrease of 16.2% from the January 31st total of 4,810,000 shares. Based on an average daily volume of 714,300 shares, the days-to-cover ratio is currently 5.6 days.

Tanger Price Performance

NYSE:SKT traded up $0.45 during midday trading on Wednesday, hitting $35.41. 281,206 shares of the stock were exchanged, compared to its average volume of 731,972. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 40.74, a P/E/G ratio of 2.97 and a beta of 1.91. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. Tanger has a one year low of $25.94 and a one year high of $37.57. The business has a 50-day moving average price of $33.89 and a two-hundred day moving average price of $33.69.

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

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s dividend payout ratio (DPR) is currently 126.44%.

Institutional Investors Weigh In On Tanger

Hedge funds have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd raised its stake in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 733 shares during the period. Loomis Sayles & Co. L P raised its position in Tanger by 3,393.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Tanger in the 4th quarter worth about $68,000. Coppell Advisory Solutions LLC boosted its position in Tanger by 144.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 1,399 shares during the period. Finally, GAMMA Investing LLC grew its stake in Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 514 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SKT. Evercore ISI upped their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. 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 target for the company. The Goldman Sachs Group lifted their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. 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. Finally, Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $40.00 in a report on Monday, November 11th. Five equities research 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 a consensus rating of “Hold” and a consensus target price of $36.00.

About Tanger

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.