Tanger Inc. (NYSE:SKT) Shares Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA boosted its position in Tanger Inc. (NYSE:SKT) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 354,990 shares of the real estate investment trust’s stock after acquiring an additional 8,808 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.32% of Tanger worth $11,779,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in Tanger in the second quarter valued at $27,000. Whittier Trust Co. acquired a new position in Tanger in the second quarter valued at $33,000. GAMMA Investing LLC lifted its stake in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Tanger by 418.6% during the second 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 in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on SKT shares. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Scotiabank boosted their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Finally, Compass Point boosted their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tanger currently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Insider Activity at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 of the company’s stock, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is owned by corporate insiders.

Tanger Stock Up 0.5 %

Shares of NYSE SKT opened at $36.87 on Wednesday. Tanger Inc. has a 1 year low of $24.72 and a 1 year high of $37.01. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of 42.87, a PEG ratio of 2.85 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The stock’s 50-day simple moving average is $34.02 and its 200-day simple moving average is $30.19.

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

Tanger Dividend Announcement

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

About Tanger

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.