Intrust Bank NA Purchases 714 Shares of Tanger Inc. (NYSE:SKT)

Intrust Bank NA boosted its position in shares of Tanger Inc. (NYSE:SKT) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,915 shares of the real estate investment trust’s stock after buying an additional 714 shares during the period. Intrust Bank NA’s holdings in Tanger were worth $475,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Tanger by 32.2% during the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after buying an additional 1,832,261 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Tanger by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock worth $68,161,000 after buying an additional 31,750 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Tanger by 387.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock valued at $25,728,000 after acquiring an additional 616,417 shares during the last quarter. Norges Bank acquired a new stake in shares of Tanger during the 4th quarter valued at $22,239,000. Finally, JPMorgan Chase & Co. grew its position in Tanger by 46.1% during the 4th quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust’s stock worth $22,187,000 after acquiring an additional 205,159 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.80% of the stock is owned by corporate insiders.

Tanger Stock Performance

Shares of SKT stock opened at $32.88 on Monday. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57. The business’s 50 day simple moving average is $33.64 and its 200 day simple moving average is $34.02. The stock has a market capitalization of $3.71 billion, a PE ratio of 37.79, a PEG ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts’ consensus estimates 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%. As a group, research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s dividend payout ratio is 126.44%.

Wall Street Analysts Forecast Growth

Several research firms have commented on SKT. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the company from $39.00 to $40.00 in a report on Friday. Finally, BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.63.

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.