Y Intercept Hong Kong Ltd Buys New Stake in Tanger Inc. (NYSE:SKT)

Y Intercept Hong Kong Ltd bought a new stake in shares of Tanger Inc. (NYSE:SKT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,786 shares of the real estate investment trust’s stock, valued at approximately $709,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SKT. Creative Planning lifted its position in Tanger by 14.5% during the third quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock valued at $320,000 after acquiring an additional 1,219 shares during the last quarter. International Assets Investment Management LLC lifted its position in Tanger by 3,218.0% during the third quarter. International Assets Investment Management LLC now owns 14,931 shares of the real estate investment trust’s stock valued at $495,000 after acquiring an additional 14,481 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Tanger by 35.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 1,107 shares during the last quarter. abrdn plc raised its holdings in shares of Tanger by 10.0% in the third quarter. abrdn plc now owns 22,327 shares of the real estate investment trust’s stock worth $741,000 after buying an additional 2,026 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Tanger by 12.3% in the third quarter. Van ECK Associates Corp now owns 18,297 shares of the real estate investment trust’s stock worth $624,000 after buying an additional 2,008 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on SKT shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. Citigroup raised their price target on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $40.00 in a report on Monday, November 11th. BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. Finally, The Goldman Sachs Group raised their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $36.00.

Tanger Trading Up 1.0 %

Shares of Tanger stock opened at $35.45 on Friday. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm has a fifty day moving average price of $33.82 and a 200 day moving average price of $33.45. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The stock has a market cap of $4.00 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Equities research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.10%. Tanger’s dividend payout ratio is presently 126.44%.

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.