Millennium Management LLC Buys 8,590 Shares of Tanger Inc. (NYSE:SKT)

Millennium Management LLC increased its stake in Tanger Inc. (NYSE:SKT) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,748,635 shares of the real estate investment trust’s stock after purchasing an additional 8,590 shares during the quarter. Millennium Management LLC owned approximately 1.58% of Tanger worth $59,681,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Barclays PLC raised its holdings in Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after acquiring an additional 152,796 shares during the period. Hennion & Walsh Asset Management Inc. raised its holdings in Tanger by 36.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,045 shares of the real estate investment trust’s stock valued at $582,000 after acquiring an additional 4,549 shares during the period. HB Wealth Management LLC raised its holdings in Tanger by 19.9% during the fourth quarter. HB Wealth Management LLC now owns 8,425 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 1,399 shares during the period. ARS Investment Partners LLC bought a new stake in Tanger during the fourth quarter valued at about $555,000. Finally, Exchange Traded Concepts LLC raised its holdings in Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after acquiring an additional 583 shares during the period. 85.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SKT shares. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Evercore ISI raised Tanger to a “hold” rating in a report on Friday, May 2nd. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price on the stock. Finally, Scotiabank reduced their target price on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Tanger Trading Up 2.1%

SKT opened at $31.22 on Friday. The firm has a market cap of $3.53 billion, a P/E ratio of 35.89, a P/E/G ratio of 2.97 and a beta of 1.18. 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 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The stock has a 50-day moving average of $31.64 and a 200 day moving average of $33.57.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm’s revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. As a group, research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were given a $0.2925 dividend. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.75%. This is a positive change from Tanger’s previous quarterly dividend of $0.28. Tanger’s dividend payout ratio (DPR) is currently 139.29%.

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.