Swiss National Bank Decreases Position in Tanger Inc. (NYSE:SKT)

Swiss National Bank cut its holdings in Tanger Inc. (NYSE:SKT) by 0.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 213,600 shares of the real estate investment trust’s stock after selling 700 shares during the period. Swiss National Bank owned approximately 0.20% of Tanger worth $7,087,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. American International Group Inc. boosted its stake in shares of Tanger by 1.5% during the first quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock valued at $1,671,000 after purchasing an additional 813 shares during the period. BOKF NA grew its holdings in Tanger by 71.6% in the 1st quarter. BOKF NA now owns 4,884 shares of the real estate investment trust’s stock worth $143,000 after acquiring an additional 2,038 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Tanger by 2.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 61,197 shares of the real estate investment trust’s stock valued at $1,808,000 after acquiring an additional 1,752 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Tanger by 1.5% during the first quarter. Public Employees Retirement System of Ohio now owns 155,134 shares of the real estate investment trust’s stock valued at $4,581,000 after acquiring an additional 2,284 shares during the last quarter. Finally, Hancock Whitney Corp boosted its holdings in shares of Tanger by 46.8% during the first quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after purchasing an additional 22,859 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SKT. Citigroup upped their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Evercore ISI lifted their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Scotiabank upped their price objective on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Stock Performance

Shares of SKT stock opened at $36.87 on Wednesday. The company’s fifty day moving average price is $34.02 and its 200-day moving average price is $30.19. The stock has a market cap of $4.08 billion, a PE ratio of 42.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.88. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger Inc. has a 12 month low of $24.72 and a 12 month high of $37.01.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 earnings per share. On average, equities analysts expect that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

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

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction 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 sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.80% of the stock is owned by company insiders.

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.