Algert Global LLC Boosts Stock Position in Tanger Inc. (NYSE:SKT)

Algert Global LLC lifted its position in shares of Tanger Inc. (NYSE:SKT) by 183.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 243,623 shares of the real estate investment trust’s stock after purchasing an additional 157,742 shares during the period. Algert Global LLC’s holdings in Tanger were worth $8,083,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Hancock Whitney Corp lifted its holdings in Tanger by 46.8% in the first quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after buying an additional 22,859 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Tanger by 13.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after buying an additional 38,036 shares during the period. Bailard Inc. lifted its holdings in Tanger by 64.4% in the second quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust’s stock worth $664,000 after buying an additional 9,600 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Tanger by 42.2% in the second quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock worth $9,993,000 after buying an additional 109,388 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.80% of the stock is currently owned by insiders.

Tanger Price Performance

Shares of SKT opened at $36.49 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger Inc. has a twelve month low of $24.72 and a twelve month high of $37.01. The company has a market capitalization of $4.04 billion, a P/E ratio of 42.44, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. The firm has a 50 day moving average of $33.93 and a 200 day moving average of $30.10.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. During the same period last year, the firm posted $0.50 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities research analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Analyst Upgrades and Downgrades

Several analysts have commented on SKT shares. Citigroup raised their price objective on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Evercore ISI lifted their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Scotiabank lifted their target price on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Compass Point lifted their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $34.86.

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.