Perpetual Ltd Buys New Shares in Tanger Inc. (NYSE:SKT)

Perpetual Ltd bought a new stake in Tanger Inc. (NYSE:SKT) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 13,650 shares of the real estate investment trust’s stock, valued at approximately $453,000.

Several other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Tanger by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after buying an additional 608,547 shares during the period. Wellington Management Group LLP lifted its stake in shares of Tanger by 2.4% in the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after buying an additional 94,887 shares during the period. Dimensional Fund Advisors LP raised its position in Tanger by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after purchasing an additional 123,107 shares in the last quarter. Bank of New York Mellon Corp raised its position in Tanger by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after purchasing an additional 55,794 shares in the last quarter. Finally, Land & Buildings Investment Management LLC increased its holdings in shares of Tanger by 52.4% during the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Trading Up 0.3 %

Shares of NYSE SKT opened at $33.63 on Friday. The company’s fifty day moving average is $30.68 and its 200-day moving average is $28.67. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 36.96, a P/E/G ratio of 3.42 and a beta of 1.89. Tanger Inc. has a twelve month low of $21.42 and a twelve month high of $34.13. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. Tanger’s payout ratio is 120.88%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Evercore ISI increased their price target on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Bank of America raised their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday. Scotiabank raised their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Compass Point raised their price objective on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Tanger has an average rating of “Moderate Buy” and an average target price of $32.00.

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.