Cannell & Spears LLC Acquires 200,475 Shares of Tanger Inc. (NYSE:SKT)

Cannell & Spears LLC increased its holdings in shares of Tanger Inc. (NYSE:SKT) by 263.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 276,682 shares of the real estate investment trust’s stock after acquiring an additional 200,475 shares during the period. Cannell & Spears LLC owned about 0.25% of Tanger worth $9,443,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Citigroup Inc. grew its holdings in shares of Tanger by 32.3% in the 3rd quarter. Citigroup Inc. now owns 156,559 shares of the real estate investment trust’s stock worth $5,195,000 after purchasing an additional 38,178 shares during the last quarter. FMR LLC raised its stake in shares of Tanger by 32.2% in the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after acquiring an additional 1,832,261 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Tanger by 21.2% in the third quarter. BNP Paribas Financial Markets now owns 56,645 shares of the real estate investment trust’s stock valued at $1,879,000 after acquiring an additional 9,891 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Tanger in the 3rd quarter worth approximately $1,161,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 valued at $25,728,000 after purchasing an additional 616,417 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

SKT stock opened at $32.88 on Monday. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The firm has a market cap of $3.71 billion, a PE ratio of 37.79, a P/E/G ratio of 2.97 and a beta of 1.88. The business’s 50-day moving average price is $33.64 and its two-hundred day moving average price is $34.02.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business 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%. As a group, research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.35%. Tanger’s dividend payout ratio is currently 126.44%.

Analyst Ratings Changes

SKT has been the subject of several research reports. BMO Capital Markets assumed coverage on shares of Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. Finally, The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $39.00 to $40.00 in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

Insider Activity

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were 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 directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.80% of the stock is owned by corporate 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.