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

Flputnam Investment Management Co. boosted its holdings in Tanger Inc. (NYSE:SKT) by 1,290.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,730 shares of the real estate investment trust’s stock after purchasing an additional 9,030 shares during the period. Flputnam Investment Management Co.’s holdings in Tanger were worth $332,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SKT. Proficio Capital Partners LLC purchased a new position in shares of Tanger in the 4th quarter worth about $2,064,000. Illinois Municipal Retirement Fund raised its position in Tanger by 8.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 60,453 shares of the real estate investment trust’s stock worth $2,063,000 after acquiring an additional 4,590 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Tanger in the fourth quarter valued at about $709,000. Investment Management Associates Inc. ADV grew its position in shares of Tanger by 17.3% during the 4th quarter. Investment Management Associates Inc. ADV now owns 10,185 shares of the real estate investment trust’s stock valued at $348,000 after acquiring an additional 1,500 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in shares of Tanger by 11.3% during the 4th quarter. Handelsbanken Fonder AB now owns 35,353 shares of the real estate investment trust’s stock worth $1,207,000 after purchasing an additional 3,600 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 0.3 %

SKT stock opened at $35.56 on Tuesday. The stock has a 50-day simple moving average of $33.84 and a two-hundred day simple moving average of $33.59. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a market capitalization of $4.01 billion, a PE ratio of 40.87, a PEG ratio of 2.97 and a beta of 1.91. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09.

Tanger (NYSE:SKT) last issued its quarterly earnings data 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. 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 analysts’ expectations of $129.10 million. On average, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.275 dividend. The ex-dividend date 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 (DPR) is presently 126.44%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SKT. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Citigroup increased their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. Evercore ISI upped their price objective 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. Finally, The Goldman Sachs Group lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.00.

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.