MSH Capital Advisors LLC Takes $565,000 Position in Tanger Inc. (NYSE:SKT)

MSH Capital Advisors LLC purchased a new position in shares of Tanger Inc. (NYSE:SKT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,543 shares of the real estate investment trust’s stock, valued at approximately $565,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd boosted its stake in shares of Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 733 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after acquiring an additional 514 shares during the period. Smartleaf Asset Management LLC boosted its position in Tanger by 415.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock worth $95,000 after purchasing an additional 2,249 shares during the last quarter. FIL Ltd boosted its position in Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 401 shares during the last quarter. Finally, KBC Group NV grew its stake in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock valued at $153,000 after purchasing an additional 795 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SKT. BMO Capital Markets initiated coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target on the stock. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Tanger presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

Insider Buying and Selling at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction on 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 transaction, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.70% of the company’s stock.

Tanger Price Performance

Shares of NYSE:SKT opened at $31.94 on Thursday. The company has a 50-day moving average price of $33.22 and a two-hundred day moving average price of $33.98. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The firm has a market capitalization of $3.62 billion, a PE ratio of 36.71, a P/E/G ratio of 2.97 and a beta of 1.49.

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 analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Equities analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. This is a boost from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.66%. Tanger’s dividend payout ratio is 134.48%.

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.