Tanger Inc. (NYSE:SKT) Position Boosted by Beck Capital Management LLC

Beck Capital Management LLC lifted its stake in Tanger Inc. (NYSE:SKT) by 77.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,276 shares of the real estate investment trust’s stock after purchasing an additional 47,642 shares during the quarter. Beck Capital Management LLC’s holdings in Tanger were worth $3,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 819 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Tanger during the second quarter worth $27,000. Whittier Trust Co. acquired a new stake in Tanger during the second quarter valued at $33,000. GAMMA Investing LLC grew its stake 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 valued at $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC increased its position in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 1,398 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’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 transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.80% of the company’s stock.

Tanger Price Performance

Shares of Tanger stock opened at $36.97 on Monday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The firm has a fifty day simple moving average of $34.46 and a 200-day simple moving average of $30.44. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 42.99, a PEG ratio of 2.89 and a beta of 1.88. Tanger Inc. has a 1-year low of $24.72 and a 1-year high of $37.57.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share 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 firm had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. During the same period in the prior year, the firm earned $0.50 EPS. The firm’s revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts expect that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 2.98%. Tanger’s payout ratio is 127.91%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Evercore ISI lifted their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. The Goldman Sachs Group increased their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Compass Point lifted their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

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.