State of Wyoming Raises Stake in Tanger Inc. (NYSE:SKT)
The State of Wyoming increased its stake in Tanger Inc. (NYSE:SKT) by 74.9% in Q4, owning 25,421 shares valued at $868,000. Other institutional investors also raised their stakes significantly. Tanger reported a quarterly EPS of $0.53, meeting estimates, with a revenue increase of 9.7% year-over-year. The company recently raised its quarterly dividend to $0.2925 per share, yielding 3.75%. Analysts have mixed ratings on the stock, with an average target price of $37.00 and a "Moderate Buy" rating.
State of Wyoming increased its stake in Tanger Inc. (NYSE:SKT - Free Report) by 74.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,421 shares of the real estate investment trust's stock after buying an additional 10,887 shares during the period. State of Wyoming's holdings in Tanger were worth $868,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the stock. Aster Capital Management DIFC Ltd raised its holdings in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 733 shares during the last quarter. Coppell Advisory Solutions LLC raised its position in shares of Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 1,399 shares during the period. Smartleaf Asset Management LLC grew its stake in Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after purchasing an additional 2,249 shares during the period. FIL Ltd raised its holdings in shares of Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after acquiring an additional 401 shares in the last quarter. Finally, KBC Group NV grew its position in Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after acquiring an additional 795 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.
Tanger Price Performance
SKT opened at $31.22 on Friday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The company has a 50-day moving average of $31.64 and a 200-day moving average of $33.57. The company has a market capitalization of $3.53 billion, a P/E ratio of 35.89, a PEG ratio of 2.97 and a beta of 1.18.
Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. During the same period in the prior year, the business earned $0.52 earnings per share. The business's quarterly revenue was up 9.7% on a year-over-year basis. Equities analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.
Tanger Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.75%. This is a boost from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is currently 139.29%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on SKT. BMO Capital Markets assumed coverage on Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price target for the company. Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. Scotiabank reduced their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.00.
View Our Latest Research Report on SKT
Insider Transactions at Tanger
In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This trade represents a 9.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.70% of the stock is currently owned by insiders.
About Tanger
(Free Report)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.
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