Flputnam Investment Management Co. Buys 9,030 Shares of Tanger Inc. (NYSE:SKT)

Flputnam Investment Management Co. raised its position in shares of Tanger Inc. (NYSE:SKT) by 1,290.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,730 shares of the real estate investment trust’s stock after purchasing an additional 9,030 shares during the quarter. Flputnam Investment Management Co.’s holdings in Tanger were worth $332,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SKT. DAVENPORT & Co LLC increased its position in shares of Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after buying an additional 425 shares during the period. GAMMA Investing LLC boosted its position 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 valued at $88,000 after acquiring an additional 514 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock worth $175,000 after acquiring an additional 583 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Tanger by 1.1% in the 4th quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the real estate investment trust’s stock worth $1,826,000 after acquiring an additional 600 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock worth $153,000 after acquiring an additional 795 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

SKT has been the topic of several research analyst reports. The Goldman Sachs Group upped their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Citigroup raised their price objective 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. Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Tanger Stock Performance

Shares of SKT stock opened at $35.56 on Tuesday. 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 firm has a fifty day simple moving average of $33.84 and a two-hundred day simple moving average of $33.59. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The firm has a market capitalization of $4.01 billion, a PE ratio of 40.87, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The company had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Analysts forecast that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.09%. Tanger’s dividend payout ratio is presently 126.44%.

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.